On Your Side Alert: Financial Literacy Month

On Your Side Alert: Financial Literacy Month

RICHMOND, VA (WWBT) - If you are looking to save money, there is no time like the present. April is Financial Literacy Month, and local experts have tips to help you get your finances in shape.

The topic of money is usually enough to get anyone's attention. You may like money, but Bruce Whitehurst with the Virginia Bankers Association says the love of money doesn't equate to healthy financial habits. "It is really an essential life skill for everyone to have," he says.

During the month of April, for Financial Literacy Month, banks across Virginia put more emphasis on teaching the public about dealing with money responsibly. The experts are not just reaching out to adults but are also targeting students. "Later this month we will be in schools all over Virginia with bankers talking with elementary students about saving money, it is called Teach Children to Save Day," Whitehurst says.

In this age of technology most of us are glued to our smartphones or tablets banking experts say while it's not a bad thing, don't forgot about the old-fashioned face-to-face interaction. "One of the things I would encourage in this age of technology enabling so much virtual communication, is to go into a bank and talk with someone at the bank and ask for their help," he says.

Understanding how to manage your finances can mean the difference between success or failure. Whitehurst says basic economic principals can help keep you out of debt and financially happy. Here are some tips from the experts: Make sure you have good savings and checking accounts, make a budget and establish financial goals and be smart about building your credit. "The most important thing is to become a student of financial literacy, determine that you want to increase your knowledge and comfort level with what it means to manage your personal finances and seek guidance and help from those in a position to help you," Whitehurst explains.


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