For those that don’t know, April just so happens to be National Financial Literacy Month; convenient, as many people file their income tax, having finances already on their mind.
Whether you get a refund check or have to write a check, it’s a good time to assess your financial situation. This means having a basic understanding of finances. The most basic level finances include money you receive and money you spend, with the goal being to receive more money than you spend. Creating a budget will help you in this.
To create a budget, write down a column of how much money you receive each month from a job, allowance, gifts, bingo winnings, etc. This is income, or money coming in. Create an adjacent column – beside the other one – on what you spend each month on things like rent, food, gas, payments, bingo cards, etc. This is expenses, or money you spend. You want to include all the money you receive and all the money you spend. If you make more than you spend, great. Think about putting some in savings, investments or even donating to charity. If you make less than you spend, you have some work to do.
Don’t forget that the government wants some of that sweet cash, too. But don’t get too irritated by it – as that’s how we have roads, bridges, schools and the military. Just be prepared and have all your ducks in a row – or paperwork in tow – by April 15th.
If you need help with your finances, there are many resources available. One tool from the Native American Financial Services Association about budgeting can be found here. Be sure to remember that if your financial situation is bleak, don’t lose hope. There is support out there. It does, however, require you to pay attention and develop discipline.
Many people who have money now learned their lessons the hard way. They are eager to share what they learned to help others get ahead too.
