Everyday Ways To Improve Financial Literacy

financial literacy

Best Finance and Budgeting Apps…

Are you worried that your financial literacy might not be up to snuff? There are tons of ways to improve your money mind – some of them we’ve covered before – but one great tool that you already have at your side 24/7 is your phone!

By downloading a great finance or budgeting app, you can set yourself up for more success and better dollar know-how with just the press of a button. These are a few great apps to get you started.

financial literacy

1. Acorns

The acorns in this mobile investment app are pieces of spare change that can sprout into fruitful finances. Use it to link your debit or credit card; Acorns will round each transaction you make up to the next dollar amount and deposit the change into your index fund of choice. Acorns will even automatically balance and manage your portfolio for you.

2. CNBC

Ignorance means being broke, not blissful, when you’re not informed of the latest business and financial news. Downloading the CNBC app on your smartphone (it has iOS and Android compatibility) means quick access to breaking finance info, streaming programming, interactive stock market watch lists and more.

3. Mint

The Mint app offers easy and convenient organization of your bank accounts, credit cards and other finances, emailing you when bills are upcoming or if you’re approaching your credit limit. The app also recognizes when you’ve transferred funds, closed an account or opened a new one.

4. RetailMeNot

Never pay full price for anything ever again with mobile access to thousands of searchable promo codes, discounts and coupons — you can also check out which deals are currently trending and bookmark your favored retail locations through RetailMeNot.com.

5. Yahoo! Finance

Beat the market and feel like you’re standing on the Wall Street trading floor with Yahoo! Finance’s mobile app, which tracks, follows and updates your stocks to build your investing savvy. Build a list of your top picks, sync them up and follow minute-by-minute updates on the performance of your portfolio. Access to investment and trading news is just as quick.

6. LearnVest

iPhone and iPad owners who want a user-friendly personal finance mobile portal can download the app version of the popular LearnVest website. You’ll get the articles and content LearnVest is known for, but also interactive features like programs to organize and maximize your funds, track your assets, see your debt and net worth, and work toward savings goals.
– via GOBankingRates

Taking Your Money Know How to The Next Level

Let’s say you have some money knowhow already – you invest part of your income and are seeing returns, but want to up your game. There are some great expert tips below that can help you do just that – take your finances to the next level with just a bit of planning and forethought!

  • Make a plan. Identify your financial goals and objectives and use a free calculator like WealthRulerTM to help you assess your financial situation and devise a plan to help you pursue those goals.
  • Know thyself. Do market swings make you uneasy? Or, do you seek opportunity in the daily swings? There are plenty of investing and trading approaches; be sure to consider your goals, risk tolerance, and time frame when you choose the one that makes sense for you.
  • Protect your assets. Understand your tolerance for risk and use it to determine the size of every investment you make. Position sizing and utilizing stop orders or Trade Triggers™ are tools that can be used to help you protect your investment capital.
  • Analyze from the top down. Learn how to identify current market trends and the stocks following them.
  • Search for additional opportunities. Build a list of securities to “watch” and invest in when your criteria indicate the time is right.
  • Get technical. After you’ve done your research but before you place your trade, be sure to review the security’s past performance and identify when you might want to get in—and out.
  • Manage and monitor your positions. Use online tools to better understand your portfolio’s exposure to different industries, geographic regions and sectors. You can also monitor on the go using mobile apps.
  • Keep emotions in check. Investing should be rational. Always refer back to your investing plan, especially during times of extreme volatility when you are tempted to respond to panic and fear.
  • Practice first. Using paperMoney® allows you to get your feet wet with investing concepts before you dive in with real money. Test your investing plan and new trading strategies until you’re comfortable.

– via DailyFinance.com

How do you feel about your level of financial literacy?

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