New Year, New You: Developing Financial Literacy in 2020

So the new year is hovering overhead and the world of finance is still foreign to you. Dismayed? Don’t be. Three in five Americans still rely on their parents to help them understand finances — parents that aren’t quite confident on the topic themselves.

Fortunately, there are more outlets than ever to make studying up on the topic easy and effortless.

Educate with Blogs and Podcasts

With all the advancements in technology there are many resources for people that want to increase their financial knowledge. Relying on outdated books is a thing of the past.

There are blogs specifically dedicated to helping people learn how to utilize apps and coupons to save money. Everyday people are now sharing their own experiences through blogs about how they have gotten out of debt or saved money for down payments for a home. It’s an opportunity to give people a different perspective on how they can change their spending habits.

People that get connected to blogs or podcasts with real life situations tend to have a better understanding of how they can make their money work for them.

Many people who have podcasts also have blogs. Often they have a section where people can ask questions that bloggers answer through their podcasts. Both of these options give blog readers a chance to ask something specific about the financial situation that they’re going through.

Take Advantage of Apps

There is a plethora of apps that allow people to budget better and take full control of their finances. Individuals who are interested in tracking their expenses have the ability to find out what they are spending money on each month.

This tends to be the most difficult part of the budgeting process. When they know what they have spent their money on, it becomes easier to find ways to cut back on their expenditure.

The great thing about financial literacy apps is that you get a chance to track your expenses without going to your computer. There are apps available that have features where are all of your expenses can be added to a spreadsheet that you can download. This works well for anyone that is interested in managing their finances on-the-go with a great sense of clarity.

Join the Discussion

Clarity turns to action when an individual can talk through their financial dilemma. Online financial forums open the door for discussions about money issues. This is where one truly gets the chance to gain financial literacy based on their own personal situation.

There are many people that are trying to balance work and family life. They may have a desire to get a part-time job, but wonder if it’s worth it if they also have to pay someone to watch their children. There are a number of different situations that are specific to certain families.

Other people can provide advice in these areas when they are connected to forums. You get a chance to join in on these discussions and see how life can change when you can have a real life conversation about your plans.

The best part of discussion groups is that it gives you a community of others that are facing the same financial situations you are in or have come out of similar situations.

Many people that are in debt may be afraid to talk to their family members or friends because they’re afraid of being judged. Often, these groups help them to realize that their financial crisis is not as bad as they assumed.