April is National Financial Capability Month
April is a great time to consider your financial situation: you’ve done your taxes and have a sense of the challenges and opportunities that lay ahead. If you need another reason to reflect – April just also happens to be National Financial Capability Month. Originally designated as Financial Literacy Month, this national observance has evolved to help Americans have access to trustworthy financial education and develop an understanding of the financial services and products available. Speaking on the topic, our founder Karla Brannen, CPA, said, “Financial capability is a crucial skill in today’s world. Beyond financial health, it empowers individuals, reduces stress, and fosters a sense of security.” At Brannen CPA Services, our goal is to provide honest advice and relevant insights so our clients can navigate their financial situation with confidence. Here are three tips to help boost your financial capability:
Build a Budget
Knowledge is power - having a budget allows you to have a clear picture of your financial situation. By outlining your income and your expenses, you can more easily prioritize saving money and define some larger financial goals, such as establishing a vacation fund.
Look Out for Scams
Fraud has skyrocketed in recent years; according to the Federal Trade Commission, consumers lost nearly $10 million to scams in 2023. You can protect yourself by learning how to recognize common scams and reporting fraud when you encounter it. Visit the Federal Trade Commission for tips on how to spot, avoid, and report scams.
Be Open to Learning
Many of us can avoid making a decision if we don’t understand the situation fully. Empower yourself to make sound financial decisions by educating yourself. If this feels like a daunting task to take on by yourself, reach out to our office. We are happy to help you outline your financial goals and point you to the resources that can help you deepen your understanding. As Karla likes to say, “Financial literacy and capability empowers you to take control of your finances and navigate the challenges and opportunities that arise.”
If you have questions about your finances or if you need to schedule an appointment with our team, please don’t hesitate to reach out to our office at 207.271.9600. At Brannen CPA Services, we want to help you rediscover your strength in your numbers!