WASHINGTON, April 18, 2018 /PRNewswire-USNewswire/ -- April is Financial Literacy Month, and U.S. News & World Report provides the resources to help consumers brush up on financial skills and knowledge, including understanding credit cards, saving and budgeting in 2018. Stay in the know with tips from U.S. News Personal Finance Editor Susannah Snider's article 8 Scary Financial Statistics – and How to Avoid Becoming One:
Keep a rainy day fund: Just 46 percent of Americans have a rainy day fund, even though a robust emergency fund is key to weathering financial downturns, such as job loss, and funding unexpected expenses, such as health care bills. You should have cash reserves on hand for expected but irregular expenses.
Co-manage your money responsibly: Among adults who have combined finances in current or previous relationships, 2 out of 5 fess up to committing financial infidelity. An open and honest attitude toward money is important in any relationship with shared finances because it can ensure that you're on track to meet financial goals and are sticking to a shared budget. Couples can use myriad strategies to co-manage their money, from joining every single account to managing everything separately.
Know how to use your credit card wisely: Nearly one-third of Americans pay the minimum due on their credit card each month, but paying just the minimum on your credit card balance means you'll pay more in interest. Beyond that, carrying a balance could potentially ding your credit score by maintaining a high utilization rate, typically one of the more important factors in your credit score.
"Building and maintaining your financial literacy can help you make savvy financial choices, avoid predatory money products and choose a trusted financial advisor," Snider said. "At. U.S. News Money, we offer expert advice and tips for readers who want to be more comfortable building a spending plan, filing taxes, improving their credit score and reaching other financial goals."
Here are additional resources for Financial Literacy Month:
U.S. News Money keeps abreast of the latest financial news to help consumers make wise money decisions.
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