August 14th is Financial Awareness Day, a day to encourage you to assess your finances and learn how to develop healthy financial habits that lead to financial security.
At Clark County Credit Union, we want our members to reach their financial goals and dreams. In celebration of National Financial Awareness Day, here are a few ways you can participate this year!
Get a pulse-check on your financial health
Decide where you want your money to go next. Doing a financial self-assessment is a good start to understand your overall financial health - are you living paycheck to paycheck? Are you a big spender? Answering these questions will help you determine what areas you need work on.
Get started with your free Financial Wellness Assessment.
Know your net worth
Your net worth is the difference between what you own and what you owe. A positive net worth means your assets are greater than your liabilities. If your net worth is in the negative, it may mean that you need to take an aggressive approach to paying off debt. Your net worth will sometimes fluctuate, and that’s okay. Net worth isn’t your day-to-day value but rather growth over time.
Calculate your DTI ratio
Your debt-to-income (DTI) ratio plays a vital role in your finances, especially when you apply for a loan.
To calculate your DTI ratio, take the total amount of your debt payments and divide it by your monthly gross income. Use our free Debt Payoff Calculator to help you make a plan to pay off debts.
Track your finances… regularly!
The first step is to keep track of your monthly spending. This might seem time-intensive for some, but this is a great start to achieving your financial goals. Your monthly spending (aka budget) will be the roadmap to your financial success! Use our free budget calculator as part of your healthy financial practices.
Get started!
Remember, Financial Awareness Day is an opportunity to reflect on your finances, learn something new and begin smart financial habits. For more free resources, check out our financial education tool Banzai to learn more about a variety of financial topics.