April is Financial Literacy Month

03/02/2024

April is Financial Literacy Month

April 2, 2024

What is financial literacy?

This April we will celebrate 21 years of National Financial Literacy Month. April is an important month for many financial institutions, but especially for TVFCU, because one of our missions is to make information available that members can use to make educated decisions – especially when it comes to your finances. Financial literacy is defined as “the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing”, by Investopedia (Investopedia). These skills can sometimes take years and trial and error to learn, but we hope this blog helps bring awareness to what financial literacy is and how to achieve this status with some easy tips!

Why should I be financially literate?

Financial literacy is one of the greatest skills to conquer in your life time as it quite literally is life changing! Being financially literate means you are opening the door for a good relationship with your money – creating one less thing to worry about. Financial literacy helps to avoid common financial mistakes such as, but not limited to, overspending, not saving or investing, and falling for scams or frauds. Once you acquire this skill, you are setting yourself up for a brighter future with greater money saved, invested, and effectively used – helping with financial emergencies, goals, and retirement.

How is TVFCU’s YOUR$ app supporting financial literacy?

We take pride in the support factors we have set in place for all of our members to have financial success at a great convenience. Our digital banking app, YOUR$, offers great features to help take control of your finances. A couple of the best features are a 24/7 virtual budgeting coach and credit score monitoring & tips. For the full list go to About YOUR$.

Tips to achieve financial literacy?

1. Create a budget: tracking what you spend can be a much needed reality check to help turn your finances around! Good thing TVFCU has a 24/7 virtual budgeting coach!

2. Understand & monitor your credit score regularly: focusing on increasing your credit score opens even greater opportunities with lower interest rates on loans. SavvyMoney within YOUR$ is a great tool for monitoring your credit score because of real time report changes and daily score updates.

3. Save and invest: Know why it is important to build an emergency fund and why saving and investing in general can lead to a brighter future. There are plenty of financial vehicles made to help grow your money. TVFCU offers Share Certificates (CDs) with great annual percentage yields (APY). Read our previous blog about why investing in CDs is beneficial or go to our website and check out our rates here.

YOUR$ Login

Blog