April is National Financial Capability Month: Are you financially literate?

Save a bundle on money by kicking your smoking habit. Not only will this add more money to your budget, it can also save your life! Improve your health and fatten your pockets —your heart and your wallet will thank you.Save money by ditching your gym membership. Opt to run or exercise outside. Here in Atlanta there are several public parks with outdoor fitness workout zone — Selena S. Butler Park (Old Fourth Ward), Coan Park (Edgewood), and Washington Park (Northwest Atlanta) to name a few (click here for information on more outdoor fitness workout zones in Atlanta). To shy to work out outside the home? Stay inside! Youtube has a plethora of free workout videos that can be done in your own home.According to Bankrate.com going to an ATM machine that is not your bank will yield on average a $1.57 bank fee from your bank AND a $2.50 fee to the ATM machine bank or owner.When you are not near your bank or even out of town avoid ATM fees by using your debit card at the closest grocery store. Purchase a few items receive $20 cash back or more without additional fees. The grocery store chain Kroger allows up to $250 cash back on a debit card purchase when checking out with a cashier. There is a $100 cash back limit for the self-check lanes. View the list »
Are you making sure that you and your family are financially fit?

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One year ago, President Obama announced National Financial Capability Month would take place annually during April.The purpose is to financially educate and put an end to predatory lending and practices by providing a 'fair and sound' financial system for all Americans. Ultimately making sure that everyone has access to the information and tools that will aid in successfully maneuvering in the financial marketplace.

"As we work to put an end to predatory behavior in our financial markets, my Administration is taking action to empower individuals and families with the tools they need to get ahead," commented President Obama in his proclamation. "The President's Advisory Council [PACFC] on Financial Capability (PACFC) continues to identify and promote the most effective, data-driven strategies to better educate Americans on financial issues. With help from the PACFC, we are working to provide our young people with financial skills to become successful students, entrepreneurs, and leaders; to ensure American workers are able to provide for their loved ones and save for retirement; and to foster financial capability in families and communities across our Nation."

To get this year under way the USA.gov blog suggests beginning with the following financial starting points:

Choose the Right Savings Account

Understanding the difference between different kinds of savings accounts can be overwhelming. Your goal is to find a safe place to put your money, but with all the options, how do you know which account is right for you? Before making your decision, consider the following:

  • Minimum deposit amount: Does the account require you to keep a certain amount of money in the account at all times?
  • Limit on withdrawals: How often can you take out money?
  • Interest: How much will your money earn just for being in the account?
  • Deposit Insurance: Is your money insured in case something happens?
  • Convenience: How easy it is to for you to deposit or withdraw money?

*Learn more about savings accounts and checking account here.

Be Prepared for an Emergency

Being financially prepared doesn't just mean you understand your budget and have a healthy emergency fund. While having savings to fall back on will make it easier to recover after a disaster, a lack of quick access to cash and not being able to locate vital records, ATM cards or proof of identification can make it harder to get back on your feet quickly.

FEMA recommends you put together a financial emergency preparedness kit. Take inventory of valuables in your home for your insurance. Take photos of the items as well as the inside and outside of your house.

Store these photos, along with a small amount of cash and copies of important documents (like your insurance policies) in a safe place at home as part of your emergency disaster kit. In the event of an emergency, you’ll be able to use your kit to help file insurance claims.

Teach Your Kids Good Money Habits

Smart saving and spending habits start early in life. You can help your kids understand money basics with fun and educational comic strips from Kids.gov. The comics teach the importance of saving and help kids find creative ways to be frugal.

Order FREE Financial Literacy Materials

The government will even send you free financial literacy materials (up to 5 per household) to help better understand your current financial situation as well as your future. The materials include information to keep people of all ages 'financially fit'. The topics cover everything from; saving for college, being a smart consumer, planning for retirement and more. The materials can also be viewed online:

President Obama encourages all Americans to take advantage of the free, reliable financial resources at www.MyMoney.gov, www.ConsumerFinance.gov, and 1-888-MyMoney.

Additionally take a look at President Obama's National Strategy for Financial Literacy released in 2011. This 12-page document outlines the President's vision and mission for promoting financial success in the United States.

Visit www.financialliteracymonth.com for free downloads, ebooks, and financial tools including a 30-step plan to get you and your family financially on track. The experts at Money Management International (MMI) created the website in support of the month because they feel, 'Too many Americans are insufficiently educated about their personal finances.' MMI wants Americans to visit the site no matter what the month is in order to create a successful financial strategy to better their overall financial position and outlook

Need to save money? Check out these easy to apply daily money-saving tips.

What are you doing to make sure that your financial house is in order; for both your small business and personal finances? Leave your advice, tips, and comments below.

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  • According to Bankrate.com going to an ATM machine that is not your bank will yield on average a $1.57 bank fee from your bank AND a $2.50 fee to the ATM machine bank or owner.When you are not near your bank or even out of town avoid ATM fees by using your debit card at the closest grocery store. Purchase a few items receive $20 cash back or more without additional fees. The grocery store chain Kroger allows up to $250 cash back on a debit card purchase when checking out with a cashier. There is a $100 cash back limit for the self-check lanes. 
  • Save money by ditching your gym membership. Opt to run or exercise outside. Here in Atlanta there are several public parks with outdoor fitness workout zone — Selena S. Butler Park (Old Fourth Ward), Coan Park (Edgewood), and Washington Park (Northwest Atlanta) to name a few (click here for information on more outdoor fitness workout zones in Atlanta). To shy to work out outside the home? Stay inside! Youtube has a plethora of free workout videos that can be done in your own home.
  • Save a bundle on money by kicking your smoking habit. Not only will this add more money to your budget, it can also save your life! Improve your health and fatten your pockets —your heart and your wallet will thank you.
  • Choose one or more day each month to have a 'No Spending Day'. Lock up the check books, cash, coins, and credit cards. Make a promise to not spend money  for any reason (outside of a dire emergency). Notice how much you save each month by adding this easy financial tip to your family's financial planning.
  • Make it a point to ALWAYS have a list before you go shopping. Having a list is only half the battle — it is vital that you stick to it. Do not purchase anything outside of what is on the list, this will not only be useful for your budget it will save you valuable time as well. No matter how tempting only put the items on the list into your basket. If you see a great sale ask how long the sale will be for and when you get back home see if you can budget for the item. Do not be impulsed to by anything, have some self control and your budget will thank you!
  • Shopping at thrift and consignment stores can save a fortune on clothing and accessories. Additionally consider cleaning out your own closet selling your old clothing to consignment shops. This will give you a few extra dollars in your wallet and free up some space in your closet.
  • Skip going out to fancy restaurants with friends, opt to eat at home instead. You'll save more. Play a fun game or cards, watch a movie, sing karaoke, or just enjoy great conversation over a few drinks. Your friends will be likely to invite you over as well creating an inexpensive and fun social trend. 
  • Pack a picnic basket and have a romantic lunch or dinner outside under your favorite tree or at your favorite local park. You'll save money by packing food that you already have at home. Be sure to select an outdoor scenery with an amazing view.
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Suggested by the author:

, Atlanta Small Business Examiner

Ashley Neal, an entrepreneur and passionate small business advocate. Ashley is the boss at Celebrate Atlanta, LLC and Small Biz Writer. Ashley is the publisher-editor-writer of the award-winning small business resource blog, Small Biz Diamonds. She also contributes regularly to CBS Local Atlanta ...

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