So, you want to learn more about your money and make moves with it. Go you.<\/p>\n\n\n\n
\u201cThat\u2019s a moment of self-awareness that requires celebration,\u201d says San Francisco-based financial coach Saundra Davis.<\/p>\n\n\n\n
And your timing is perfect, as April is Financial Literacy Month. This designation wouldn\u2019t exist unless many people needed help understanding their money.<\/p>\n\n\n\n
\u201cYou\u2019re not the one person out there that hasn\u2019t got their finances together,\u201d says Orlando-based certified financial planner Angela Moore.<\/p>\n\n\n\n
Go easy on yourself, and start small<\/strong><\/p>\n\n\n\n It\u2019s OK if you don\u2019t save much or have a clue what IRA stands for. Aim to avoid negative self-talk and give yourself grace, says Moore, who\u2019s also the founder of Modern Money Education, a platform offering personal finance courses.<\/p>\n\n\n\n Start with \u201cbaby steps,\u201d she adds. Schedule time to try the steps below, so you\u2019re mentally prepared. (This is opposed to, say, waiting until you\u2019ve overdrafted and feel frazzled.) For a few of these steps, you could even set a timer and plan to spend about 15 minutes on the exercise, so you don\u2019t get overwhelmed.<\/p>\n\n\n\n As you try the following advice, \u201cthink about how you learn best,\u201d says Davis, who\u2019s also the founder of Sage Financial Solutions, a nonprofit specializing in financial education and planning for low-wealth and underrepresented communities. For example, while group discussions may be motivating for some people, others would much rather read a book. So try a few strategies to find what works for you.<\/p>\n\n\n\n Ways to learn about money<\/strong><\/p>\n\n\n\n Talk with a professional<\/strong><\/p>\n\n\n\n A financial coach, counselor or other expert can help you figure out where to start and what to prioritize.<\/p>\n\n\n\n The Association for Financial Counseling & Planning Education is offering free virtual sessions<\/a>. The AFCPE website says its certified financial counselors and coaches \u201ccan help you manage immediate expenses, build savings, create a plan to pay off debt or navigate financial assistance benefits.\u201d<\/p>\n\n\n\n You have other options, too. The Financial Planning Association provides pro bono financial support<\/a> to low-income individuals and those considered to be \u201cunderserved,\u201d including veterans, people affected by natural disasters and others.<\/p>\n\n\n\n Or chat with friends and community members<\/strong><\/p>\n\n\n\n If you\u2019re not up for counseling, simply chatting can help you think and learn about money in a casual way. You can learn how peers manage money, voice your financial concerns and brainstorm solutions.<\/p>\n\n\n\n Just remember that you\u2019re participating in an informal conversation \u2014 not receiving professional guidance. Do your best to verify advice on your own. For example, look for webpages on the topic that include sources for the information, such as professional experts or studies.<\/p>\n\n\n\n To find in-person money conversations, look into local churches, libraries or universities. Or check out Meetup, a website that helps groups gather. You could also start money conversations among your own friends to normalize the topic.<\/p>\n\n\n\n To learn with others online, Moore suggests looking into Facebook groups that discuss personal finance. Exploring Reddit\u2019s r\/personalfinance channel and its helpful wiki page can also be an easy way to start thinking about money.<\/p>\n\n\n\n Try quizzes, apps and spreadsheets<\/strong><\/p>\n\n\n\n Would you prefer a solo exploration of your money? Many online tools can help you see where you stand and determine your next steps.<\/p>\n\n\n\n Take this eight-question financial health quiz<\/a> to determine your ability to weather financial stressors and achieve long-term goals.<\/p>\n\n\n\n Or see where your money is going with a budget app<\/a>. Mint, for example, syncs all your financial accounts and shows how your expenses fit into various budgeting categories. Knowing how much you\u2019re spending on what is a helpful first step in managing your money and setting goals.<\/p>\n\n\n\n A free budget spreadsheet, like those provided by the Financial Trade Commission, NerdWallet and Microsoft Office, can also help you understand your finances. These spreadsheets are more hands-on than apps that sync your accounts, because you\u2019re responsible for filling out fields related to incoming and outgoing money.<\/p>\n\n\n\n Review your finances and set goals<\/strong><\/p>\n\n\n\n Interested in learning more about your money but don\u2019t want to fuss with an app or spreadsheet? Try Moore\u2019s old-school approach with her clients. She has them spend 15 minutes simply jotting down their financial inventory on paper.<\/p>\n\n\n\n This would include the amounts in checking, savings and investment accounts; average bill payments; debt owed; estimated money spent each month; and take-home income. Start with estimates.<\/p>\n\n\n\n \u201cYou\u2019re not going to know a lot of this stuff,\u201d Moore says. Ideally, all these missing pieces will make you curious, she says. So look up the real figures. You may find your estimates are way off.<\/p>\n\n\n\n This exercise is meant to help you understand where you stand today. Knowing these basics helps you make changes and set goals.<\/p>\n\n\n\n For example, if you spent more than you thought on takeout in March, you could aim to spend half as much in April. Or perhaps you\u2019re inspired to refinance a loan, start an emergency fund or contribute to your workplace retirement plan.<\/p>\n\n\n\n Whether you\u2019re ready to set goals on your own or decide to use a tool or talk with a professional, you\u2019re on the right track. As Davis says: \u201cStart exactly where you are, with no shame.\u201d<\/p>\n\n\n\n More From NerdWallet<\/strong><\/p>\n\n\n\n Laura McMullen writes for NerdWallet. Email: lmcmullen@nerdwallet.com. Twitter: @lauraemcmullen.<\/p>\n\n\n\n The article Learn About Your Money in Small, Manageable Steps originally appeared on NerdWallet.<\/p>\n","protected":false},"excerpt":{"rendered":"So, you want to learn more about your money and make moves with it. Go you. \u201cThat\u2019s a moment of self-awareness that requires celebration,\u201d says San Francisco-based financial coach Saundra Davis. And your timing is perfect, as April is Financial Literacy Month. This designation wouldn\u2019t exist unless many people needed help understanding their money. \u201cYou\u2019re […]","protected":false},"author":7,"featured_media":2618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","attr_excerpt":["So, you want to learn more about your money and make moves with it. Go you. \u201cThat\u2019s a moment of self-awareness that requires celebration,\u201d says San Francisco-based financial coach Saundra Davis. And your timing is perfect, as April is Financial Literacy Month."],"footnotes":""},"categories":[3],"tags":[7,21,35,32,22,12,20],"class_list":["post-2611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance","tag-bank","tag-checking","tag-digital-banking","tag-invest","tag-money-market","tag-resources","tag-savings"],"yoast_head":"\n