April has been designated National Financial Literacy Month, a great time to learn more about managing personal finances. Money Management International (MMI), the nation’s largest nonprofit credit counseling firm, has developed a 30 step path to achieve financial wellness. Here is a quick summary:
1. Make a commitment to change2. Assess your financial situation3. Clear out financial clutter4. Set yourself up for success5. Get copies of credit reports6. Clean up your credit report7. Make your money count8. Identify your starting point9. Test your knowledge of debt10. Set your priorities11. Set SMART financial goals12. Set short, mid and long-term goals13. Pay down debt 14. Plan for the unexpected15. Secure your financial future16. Make a commitment17. Save for your goals18. Identify where the money goes19. Document fixed monthly expenses20. Plan for periodics21. Document your spending22. Identify ways to reduce spending23. Save money on groceries24. Share a tip for change25. Document your desired spending26. Protect yourself by performing financial check-ups27. Understand the cost of credit28. Assemble a financial team29. Appreciate the benefits30. Move forward
To see the full details of each of these valuable steps, go to MMI's Financial Literacy Month website.
Email your question about Financial Wellness to pr@wict.org and we’ll post the first thirty questions received with answers from Credit Counseling expert, Kim McGrigg.
Kim McGrigg is a respected credit counseling professional with more than thirteen years of experience. She is Money Management International’s credit advice columnist who answers thousands of consumer queries each year. Read more about financial wellness at Kim's blog here.