April is financial literacy month!
A joint effort between State Comptroller Sean Scanlon and State Treasurer Erick Russell, the C-T Financial Literacy Checklist challenges Connecticut residents to take ownership of their financial futures by engaging in the following tasks.
Check your credit score
Checking your credit score at least once a year is important to ensuring there are no errors negatively impacting your ability to do things like get a loan or rent a home.
- Visit usa.gov to learn more about the importance of checking your credit score and how you can do so.
Open a savings account
Savings accounts store money you don’t immediately need access to, and they even accrue interest over time. Already have one? Make a deposit this month!
- Learn more about the different kinds of bank accounts and the purposes they serve on the Federal Trade Commission website.
Open a retirement account
You are never too young to start saving for retirement. Whether through a program your employer offers or the state-run MyCTSavings, open an account– or make an additional deposit in one you already have– today!
- Ask your employer if your company is enrolled in MyCTSavings, the state-run retirement program.
- Visit the Internal Revenue Website to learn more about 401k plans and Individual Retirement Arrangements (IRAs).
Create a monthly budget
It is important to have a clear idea of your income and expenses. This means not only tracking what you make at work, but also what you might estimate for things like gifts, and side-jobs. For expenses, start with the big things like rent and car payments, but also think about food, gas, recreation, and more.
- The Federal Trade Commission has a convenient budget worksheet.
Establish a savings goal
Start saving for something important. Whether it is a child’s education, a personal emergency fund, or a vacation– set a goal and start saving today!
- Saving for education? Check out the Connecticut Higher Education Trust (CHET) 529 College Savings Program.
- Visit the Securities and Exchange Commission (SEC) website to learn more about certificates of deposit (CDs) as a savings option.