The theme for this week’s Saturday Share Day posts is Financial Literacy! April is Financial Literacy Month (FLM) and this important topic has been recognized nationally since 2004. Even though it is recognized, few would disagree that financial literacy needs more focus. So today, I will share some great work that is being done by others to improve the financial literacy of not just young people, but people around the world.
The President’s Advisory Council on Financial Literacy defines personal financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” And it doesn’t matter where you are in the life. The YNAB (You Need a Budget) Weekly Round-Up theme a few weeks ago said it all – You are the Perfect Age To Get Smart About Money. That post highlighted my most viewed post to date – 5 Teenage Decisions that Helped Make Me Rich. I also wrote a post about boosting financial literacy for teens through a fun experience in Can An Hour on a Jet Ski Help Him Make Smarter Spending Decisions?
Learning About Money Through the Years
MamaFishSaves’ first post was a kickoff on what FLM is all about and resources/ideas to incorporate it in a family’s life.The second was a free ebook on what your preschooler needs to know about money, and how to effectively teach them. Kids understand and are curious about money a lot earlier than most people think! Her third post was about how to start effective family budget meetings to teach kids about money and get them used to thinking about money in a productive and healthy way.
Dan over at PenniesandDollars wrote a round-up post of other PF bloggers Lessons to High School Grads. There are some smart folks in this group and they gave some great advice!
Brittany, a newer blogger from the blog Budget Peace also wrote this post talking about the money lessons she wish she had learned in high school.
Amanda at CentsiblyRich has a post on money mistakes from her 20’s and also reminds us that it’s not too late to improve your finances! And Physician on Fire also wrote a post about the top 5 things he’d tell his younger self.
Penny from She Picks Up Pennies reminds us that Age is Not an Excuse for Financial Illiteracy. And then there’s the post from Mr. Groovy – A Financial Sherlock Holmes I am Not. In his Groovy way, Mr. G shares some great clues to getting your financial life in order.
Topic Posts to Boost Financial Literacy
Chris at KeepThrifty writes about mortgages, prepaying, and refinancing, so he wrote the post Mortgage Math to set a baseline. Lots of people don’t realize the cost that interest on a loan jacks up the total cost of what you pay. When they bought their house in 2007, they ultimately would have paid the list price twice over – once for the purchase and once in just interest cost, if they stuck with the original mortgage for the full 30 years!
BuyBackFreedom wrote a post that gives a solid foundation on the differences between good debt and bad debt.
Akashsky has a nice post that explains U.S. Federal Taxes that has some great infographics too!
And the Teacher Investor shared a lesson called Refinancing 101 that discussed the pros and cons of refinancing a loan.
A Deeper Involvement in Growing Financial Literacy
Jack from Enwealthen has celebrated Financial Literacy Month with a month of guest posts called the Financial Literacy Chronicles. He has some awesome guests of all ages from the PF community sharing their thoughts in this great series.
Brian from Debt Discipline is a champion of Financial Literacy! This link from his website will take you to three pages of posts dedicated to improving financial literacy. And more importantly, Brian doesn’t just write and hope people reads. He takes action! Brian has worked with his school district to help create a curriculum on Financial Literacy that they hope will become mandatory for graduation. Brian also speaks at libraries and schools about his family’s finances and how they paid off $109.000 of debt. He doesn’t brag or boast, he shares the truth about finding ways to save and ways to cut expenses and offers to help others do the same.
Are you inspired? If you’re not sure where to start – check out Matt Schulz’s grass roots project Talking In Class and see if there’s a way for you to get involved sharing more of what you know about money and finances with kids in schools!
If you’re a teacher or if you want more resources for your own children, The Council for Economic Education also has some great resources to support financial literacy too.
Well that’s a wrap for Financial Literacy Month! You may not need a lot of this information, but maybe you know someone who does! Sharing a round-up post is an easy way to introduce others to all the information that is available to help them take charge of their finances.