Learning about how you can improve your money management skills may seem like a daunting task that involves spending lots of money – wrong! It’s more about how you use your time and how serious you are about acknowledging your weaknesses and improving your skills. We will look at three simple ways (and when I say simple, I mean simple) you can improve your financial literacy skills daily without spending a dime! 

 1. Start keeping a budget.

Keeping a budget does not have to be difficult - it involves a few quick steps for starters. A budget helps you to discover areas in which your money may be working against you and provides an avenue of where you can contribute more money toward areas that can be of (greater) benefit. Personally, budgeting keeps me accountable, helps me to remain financially stable and guides my spending patterns daily. It’s time to let your budget guide your decisions and using it effectively helps you to stay in control of your money choices. 

 Ask yourself these three questions to get started with setting up a simple budget and see exactly where your money may be going!

• What are my sources of income? (e.g. earned income, business income, rental income)

• What are my monthly expenses? (e.g. food, shelter, utilities, transportation)

• What else am I spending money on? (e.g. entertainment, impulse spending)

 2. Read an article.

If you’re really serious about improving your financial literacy skills, you’ll definitely have to add some form of reading - books, blogs or even the newspaper - to your list. Whether you would like to learn more about saving consistently, creating savings goals, setting small realistic budgets or controlling your impulse spending, reading helps you to learn about additional methods you can put into practice to improve the way you think, feel and talk about money. Subscribe to a website or conduct a quick search of a “money topic” you struggle with. Even after you have subscribed, be careful not to become overwhelmed with information – read at your own pace, make notes, organize your thoughts and create action points! Perhaps, you may also want to consider focusing on one topic monthly or quarterly and setting aside a few minutes each day for the entire month to learn about how to improve your weak spots, one area at a time. 

3. Listen to a podcast. 

Even if you are not a big “reading fan” listening works just as good! As with articles, podcasts also provide great insight about various money struggles and how you can work toward improving those habits. Podcasts are super convenient because it allows you to listen while exercising, completing chores and even running errands. One of the greatest advantages of podcasts, is that it doesn’t have to take up too much of your time – you’d be surprised of how much of an impact a short five to seven minute clip can shift the way you think about money and get you thinking about trying out something completely new! It’s so hard to recommend just one or two because but there are so many great financial podcasts out there! Check out a podcast this week to help you get on the right track when it comes to this “money management” thing – trust me, it works! 

When it comes to improving your financial literacy skills, you must be committed to taking actionable steps, regardless of how insignificant it may seem. Whether you decide to start keeping a budget, subscribe to an article or listen to a podcast, improving your skills requires commitment and discipline. Oh, and remember, don’t overthink it!