April is Financial Literacy Month

Carbondale, Ill. (KBSI)- Financial literacy month is a reminder of how important understanding money is to financial well-being and success.  

Some things people struggle with are budgeting, saving and credit.  

Southern Illinois University Carbondale Clinical Associate Professor Tim Marlo says that not understanding how money works can affect many things, even your car payments.  

“Their car may depreciate faster than their loan is being paid off, which can result in the car becoming underwater – meaning the loan exceeds the car’s value,” said Marlo. 

The benefits of being financially literate are many things Marlo says one of the biggest is not living paycheck to paycheck.  

““Not having to live paycheck to paycheck and understanding your financial situation can alleviate financial stress,” said Marlo. 

Some tips to improve financial literacy.  

Educate yourself: take advantage of free resources, such as books, podcasts, online courses.

Set financial goals: define your financial goals such as paying debt or saving for retirement.  

Create a budget: develop a budget to track your income and expenses. 

And seek professional help. Marlo says certified financial planners are a great source.  

“Their job is to help others understand financial literacy. Although it comes at a cost, the benefits often outweigh the expenses by helping individuals get back on track,” said Marlo.