Did you know that April is Financial Literacy Month? It’s the perfect time to take control of your spending, which is essential to any financial plan, big or small. And although it may take some discipline, your newfound money can go a long way, advises Jason Lamb of C&A Financial Group in Manasquan. “Money saved from cutting out the extras can be used for sound investments that will reap the benefits in the future.”
With a financial consultant like Lamb, you can benefit from interest-earning products and strategies that fit your immediate priorities, yet have the flexibility to adjust to changing circumstances.
To help round up the dollars, BMO Harris Bank offers some tips:
- Learn to distinguish between wants and needs. A quarter of Americans claim that cable television is a necessity, but that’s debatable.
- Control your seasonal spending. Holidays, birthdays, and back-to-school shopping can easily put a dent in your wallet. Set budgets and priorities before these occasions hit so you’re not caught off-guard.
- Don’t give into social spending. While it’s obviously fun to splurge, regularly overspending on a night of dinner and drinks can be damaging. Create a fixed budget for things like clothes and unexpected social gatherings.
- Raise your kids to be responsible, too! BMO has an entire section on their website dedicated to finance for parents and kids.