April is Financial Literacy Month: How to Improve Your Finances This Month
April is Financial Literacy Month, which makes it a great time to revisit the basics. These tasks can also help you make sure you are staying on track with retirement goals.
Here are four ways to improve your finances in April:
1. Boost Your Rainy Day Fund. Just as you wouldn't want to get caught in an April shower without an umbrella, you also don't want to be unprepared for financial emergencies. One way to avoid going into debt when a surprise expense pops up is to have a well-stocked emergency fund. As a general rule, you want about six months' worth of expenses saved somewhere that's easily accessible, like a savings account.
2. Check Your Credit Reports. We're a quarter of the way through 2021 — have you checked your credit report yet? During the pandemic, each of the three major credit bureaus (Experian, Equifax, and TransUnion) are letting you request a free credit report each week at AnnualCreditReport.com
3. Look at Your Family Finances. The latest coronavirus relief package passed last month and if you have one or more kids, you'll want to pay particular attention because the bill contains provisions that will impact your taxes.
4. Prep For Home Costs. We have finally made it to spring, and the change in the seasons brings a change of scenery — maybe even in the form for a new home for your family. If you're looking to upsize this season, make sure you know how a bigger home affects your budget. If you are planning on staying put but still want to spruce things up, consider low-cost interior design ideas.