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3 Ways to Boost Your Financial Literacy

  • Posted on April 17, 0203
Have you ever made a financial decision you regretted? Or wish you’d understood your options better at the time? We’ve all been there, and we can all grow our financial knowledge so that we’re better equipped for the next decision.

1. Create a Budget and Save

Creating a budget may be the single most important thing you can do for yourself financially. A budget will help you:
  • Gain a clear picture of your financial situation
  • Track your income, spending, and savings
  • Avoid unnecessary debt
  • Build a nest egg
Your budget doesn’t have to be complicated. Check out United’s financial calculators for a quick and easy start.
Here’s a tip from Keri Wise, United’s Head of Retail Sales: “Start with how much you spend in groceries and eating out. Many people I talk to are very surprised when they do this exercise just how much they are spending on both! Most of us waste a lot of money either at the grocery store or eating out when we bought a lot of groceries just days earlier!
Also, look for reoccurring subscriptions that you no longer use and cancel them. A small amount of savings at a time can go a long way.”

2. Know Your Credit Score

Your credit score provides further insight into your financial habits and prospects. It’s a three-digit number that tells lenders how risky it would be to approve your application. It affects:
  • Whether you can get a mortgage, car loan, or credit card
  • The interest rate you’ll pay
You can get your credit score for free from one of the three national credit bureaus: Equifax, Experian, or TransUnion. If your score isn’t where you’d like it, you can work to improve it over time.

3. Keep Learning

You’re already off to a great start. Keep going and continue to explore our learning center resources. You can learn everything from avoiding common online financial scams to increasing your savings a little at a time. When you’re ready for a deeper dive, we’re here to help. Meet with a United financial advisor to discuss your goals and evaluate the ways to get there.


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