Financial Literacy Checklist

Budgeting and Tracking Expenses

Create a budget to track your income and expenses.

Use budgeting tools or spreadsheets.

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Budgeting Variable

Track your spending habits regularly.

Identify areas where you can save money.

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Expense Tracking Variable

Build an emergency fund to cover unexpected expenses.

Aim for 3-6 months of living expenses.

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Emergency Fund Variable

Understanding Debt and Credit

Check your credit score and understand how it impacts your financial life.

Learn how to improve your credit score.

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Credit Score Variable

Develop a plan to manage and pay down debt, including high-interest debt.

Explore debt consolidation or refinancing options if needed.

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Debt Management Variable

Review your credit reports annually for errors.

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Credit Reports Variable

Saving and Investing

Set clear saving goals for short-term and long-term objectives.

Examples: down payment, retirement.

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Saving Goals Variable

Learn the basics of investing, including different investment options and risk management.

Seek professional financial advice if needed.

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Investing Basics Variable

Start planning for retirement early.

Contribute to retirement accounts.

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Retirement Planning Variable

Financial Planning and Protection

Understand the importance of insurance (health, life, disability, etc.) and obtain adequate coverage.

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Insurance Variable

Consider consulting with a qualified financial advisor for personalized guidance.

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Financial Advisor Variable

Continuously educate yourself about financial matters.

Read books, articles, or take online courses.

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Financial Education Variable