February 14, 2025

[ad_1]

LOUISVILLE, Ky. (WAVE) – It is never too late or too early to learn how to manage your money effectively.

The knowledge of those skills – budgeting, saving, investing, dealing with debt and credit – all fall under financial literacy. It is expertise many are lacking. A recent study ranked U.S. states on their financial literacy skills by analyzing financial-education programs and consumer habits and Kentucky came in 48th place. Many Americans live check to check, often realizing they are in trouble even before the next paycheck comes.

It takes work to get your money right and for some it may even take some changes, but it all starts out with knowing what you need to do. It starts with financial literacy. 

Gregg Murset is a father of six, a certified financial planner and the CEO and co-founder of BusyKid, a subscription chores app for kids that teaches financial literacy and responsibility.

“Financial literacy is getting smart when it comes to money,” explained Murset.

He believes financial literacy is a family affair.

“The number one priority right, get an emergency fund in place,” Murset said.

According to Bankrate, a consumer financial services company based, a $1,000 emergency expense could derail the lives of more than half of all Americans. Another of their surveys found more than one-third of U.S. adults have more credit card debt than emergency savings. Murset stressed start building that emergency fund now.

“Pull back on eating out,” shared Murset. “I know it seems kind of basic. It’s very expensive. It’s crazy and it’s costing a ton of money. Back off that stuff and start putting away for a rainy day cause it’s coming.”

Murset also stresses making a budget is key.

“Cause there are things that can move and things that can’t,” Murset sad.

Calculate your net income. Track your spending. Set realistic goals.

“The mortgage, the taxes, the insurance, the electric, the food all those things are really set, right,” explained Murset.

Murset also stresses saving for retirement is important and the time to think about it is as soon as you can. Save at least enough each paycheck to get the full employer match if one is offered. That is free money. Murset also stresses if you have credit cards pay them off.

“If you can’t pay them off totally then you really shouldn’t be using them,” Murset said.

Financial literacy is one of the most important things an individual or a family can secure for lifelong stability and financial security. Murset believes that financial security can and should be shared with your children.

“If you just earn it and burn it, you’re not doing anything for your kids,” he said. “It’s not hard to teach your kids. You just have to say ‘hey if you want some money you have to work.’”

Murset’s BusyKid App users can earn, save, share, spend, and invest real money wisely.  The BusyKid Visa® Debit Card gives kids the freedom to spend anywhere Visa is accepted, and parents see every transaction made. Kids receive allowance on the selected payday, after parents check the chores given to their child, they then verify everything was completed. They then approve a text message to “ok” transferring funds from “their” bank account to their busy kid’s account.   

“Then they learn how much stuff costs and start to realize ‘wow no wonder why mom and dad are always talking about this,’” Murset explained. “If they are smart with their money, you are setting them up for success.”

A few final tips.

  • At least once a year, revisit all the monthly memberships or other recurring fees you pay. You may be paying for things you no longer use so review your bank and credit card statements.
  • Set up an automatic deposit that goes into your savings account for an emergency fund. Just a few dollars every paycheck adds up over time. You may want to make sure you do not have access to that account through your debit card or phone app so that you cannot easily remove funds.
  • Live within your means. Avoid unnecessary expenses and things you know you cannot afford.

[ad_2]

Source link

Leave a Reply