Improving your financial fitness is critical if you want to stay on top of your finances. One of the first steps is understanding your current financial situation and making a plan to fix your weaknesses. You can use free financial apps to help you do this. You should also start creating a budget. This will help you know where you are spending your money and will allow you to make adjustments based on your goals.
Developing financial fitness is similar to committing to a healthy diet and exercising. It’s a daily process that improves with time and commitment. When you fail to keep your financial fitness in tip-top shape, you risk adding weight, stress and restlessness to your life. It also increases your risk of developing chronic diseases. Sadly, more than half of the population struggles to save for important expenses and has poor financial health. A lack of financial fitness can negatively impact your quality of life and affect your earnings.
Financial fitness improves your overall health and helps you lead a happy life. When you become financially fit, you’re able to weather financial crises without compromising the things you value. It also helps you save money for large purchases and fulfill your short-term needs. Financial fitness also allows you to plan ahead for the future and enjoy your life without fear.
A financially fit person is able to track all of their monthly expenses, so that they can see how much money they’re spending each month. A financial fitness person also sets aside money for both their fixed and discretionary expenses, and he or she stays within their budget for each of these categories. A good financial fitness person is always aware of the economy’s changing conditions and makes wise financial decisions based on the information they have available.
The Council for Economic Education has a wealth of resources for educators and parents to help teach financial literacy. Its free parent guides and teacher resources help teachers and students understand the basics of personal finance. These resources provide background information, activities and links for students and teachers. You can even find materials in Spanish for your own personal use.