WEBVTT

00:00:00.000 --> 00:00:03.150 align:middle line:90%
[MUSIC PLAYING]

00:00:03.150 --> 00:00:04.050 align:middle line:90%


00:00:04.050 --> 00:00:06.210 align:middle line:84%
Financial literacy
is the ability

00:00:06.210 --> 00:00:09.310 align:middle line:84%
to understand and use
various financial skills,

00:00:09.310 --> 00:00:11.880 align:middle line:84%
including personal financial
management, budgeting,

00:00:11.880 --> 00:00:13.710 align:middle line:90%
and investing.

00:00:13.710 --> 00:00:17.720 align:middle line:84%
Here are several ways you
can get started today.

00:00:17.720 --> 00:00:19.910 align:middle line:84%
Create a budget by
tracking monthly

00:00:19.910 --> 00:00:23.360 align:middle line:84%
how much money comes in, your
income, and how much goes out,

00:00:23.360 --> 00:00:25.730 align:middle line:90%
your expenses.

00:00:25.730 --> 00:00:27.350 align:middle line:84%
You can do this
in a spreadsheet,

00:00:27.350 --> 00:00:30.500 align:middle line:84%
on paper, or with
a budgeting app.

00:00:30.500 --> 00:00:32.360 align:middle line:84%
Your budget should
include income

00:00:32.360 --> 00:00:36.110 align:middle line:84%
like paychecks, investments,
alimony, fixed expenses,

00:00:36.110 --> 00:00:39.410 align:middle line:84%
including rent, mortgage
payments, and utilities.

00:00:39.410 --> 00:00:42.500 align:middle line:84%
Your savings and
discretionary spending,

00:00:42.500 --> 00:00:45.740 align:middle line:84%
those are the non-essentials
such as eating out, shopping,

00:00:45.740 --> 00:00:47.690 align:middle line:90%
and travel.

00:00:47.690 --> 00:00:51.570 align:middle line:84%
To build savings,
put yourself first.

00:00:51.570 --> 00:00:53.750 align:middle line:84%
This reverse budgeting
strategy involves

00:00:53.750 --> 00:00:55.640 align:middle line:84%
choosing a savings
goal, deciding

00:00:55.640 --> 00:00:58.010 align:middle line:84%
how much you want to contribute
toward it each month,

00:00:58.010 --> 00:01:00.290 align:middle line:84%
and setting that
amount aside before you

00:01:00.290 --> 00:01:02.510 align:middle line:90%
pay the rest of your expenses.

00:01:02.510 --> 00:01:06.740 align:middle line:84%
It's always smart to
pay your bills promptly.

00:01:06.740 --> 00:01:09.170 align:middle line:84%
Consider taking advantage
of automatic debits

00:01:09.170 --> 00:01:11.450 align:middle line:84%
from a checking account
or bill pay apps,

00:01:11.450 --> 00:01:15.200 align:middle line:84%
and make sure to sign up
for payment reminders.

00:01:15.200 --> 00:01:19.100 align:middle line:84%
Check your credit
score regularly.

00:01:19.100 --> 00:01:22.670 align:middle line:84%
Do this to monitor your progress
and to catch and dispute

00:01:22.670 --> 00:01:25.700 align:middle line:90%
any potential inaccuracies.

00:01:25.700 --> 00:01:29.630 align:middle line:84%
Through the federally created
site annualcreditreport.com,

00:01:29.630 --> 00:01:32.810 align:middle line:84%
you can request a free credit
score once a year from each

00:01:32.810 --> 00:01:35.480 align:middle line:84%
of the three major
credit bureaus--

00:01:35.480 --> 00:01:39.980 align:middle line:84%
those are Experian,
Equifax, and TransUnion.

00:01:39.980 --> 00:01:41.960 align:middle line:84%
Because you can
get three, consider

00:01:41.960 --> 00:01:45.860 align:middle line:84%
spacing out your requests
throughout the year.

00:01:45.860 --> 00:01:46.790 align:middle line:90%
Overwhelmed?

00:01:46.790 --> 00:01:51.510 align:middle line:84%
Keep in mind financial
literacy is a lifelong journey.

00:01:51.510 --> 00:01:54.110 align:middle line:84%
And by starting small, like
through making a budget

00:01:54.110 --> 00:01:57.890 align:middle line:84%
and being diligent about timely
payments, you'll be on your way

00:01:57.890 --> 00:02:00.610 align:middle line:90%
to a stronger financial future.

00:02:00.610 --> 00:02:06.000 align:middle line:90%