There is a direct correlation between financial literacy and better overall financial happiness, according to the Global Financial Literacy Excellence Center. However, there has been a steady decline in overall financial literacy among U.S. adults based on findings from FINRA (Financial Industry Regulatory Authority). Whether you call it financial wellness or money literacy, continually striving to learn something new about money and your overall finances can help reduce stress, build wealth, and live a better financial life. Next month, April, is Financial Literacy Month and Transportation Federal Credit Union has some tips to help you jumpstart your journey of becoming lifelong financial learners.

What is Financial Literacy
Financial literacy or wellness is a lifelong process of learning about money, from savings to budgeting, debt management, credit card use, understanding interest rates as well as spending, giving, sharing, and planning. Other topics include rate environments, economic shifts, market news, and more.

Students of lifelong financial wellness range in age from children to retired adults. In other words, YOU are a student of financial literacy, whether you know it or not. By paying attention and being open to learning, you can help live a happier, healthier financial life.

Boost Your Money GPA: 5 Money Courses You Should Continually Revisit
The basic idea behind lifelong financial literacy is to always strive to boost your overall money intelligence. Here are five money basics that can help you improve your overall financial well-being.

1. Budgeting and Expenses: The goal is to spend less than you earn, with a portion of your income going toward savings and retirement. When was the last time you reviewed your household budget?
2. Savings and Investments: When you go beyond simple savings, you’ll discover the wonders of compounding interest, money market accounts, certificates and more. Always strive to invest in your own future, whether that’s for retirement or educational pursuits.
3. Loans and Credit: There is a difference between good and bad loans as well as good and bad credit. Understanding the difference can have a huge impact on your future.
4. Risk Mitigation: Health, life, auto, and property insurance can help protect your financial future. Building an emergency savings account with at least six months of your total income can help relieve stress and protect your family from the unexpected.
5. Retirement Planning: Always take advantage of your employer’s 401(k) or other fund matching plans. And be willing to work with a professional to map your retirement.

Where to Learn More
Check with local financial institutions about upcoming online or in-person financial literacy classes. Additionally, you can brush up on your financial smarts by reading a money publication, listening to a finance podcast, doing some online research from trusted resources, and talking to financial professionals.

Knowledge is Power
It’s important to stay informed and financially up to date. Whether it’s home-buying advice, resources to help understand what a loan really costs, or how to set and stick to a realistic budget as you progress from a young person just starting out to someone nearing retirement, you owe it to yourself to be a lifelong student of money and finances.

This column courtesy of Transportation Federal Credit Union. Gain access to a wealth of financial information and learn more about Transportation Federal Credit Union at http://www.TransFCU.org.