April is financial literacy month
Welcome to part two of our financial literacy crash course. If you missed part one, you can find it here. April is winding down, but MoneyLion offers many ways to keep building your financial know-how all year long:
- Advice: Personalized advice in the MoneyLion app every day
- Education: Financial concepts and wellness on the MoneyLion blog
- Inspiration: Twitter, Facebook, and Instagram posts on making the most of your money and fun giveaways 🎉
We’re all about making finance work for everyone, every day. That’s why our new checking account brings premium perks to MoneyLion Plus! Join the banking waitlist today and be among the first to get MoneyLion Plus checking with 0% APR cash advances, no minimum balance, no hidden fees, no overdraft fees, a massive ATM network, and more.
Key lessons for financial literacy: part 2
Now back to class.🤓 Here are three more lessons that are valuable for financial health.
3. How to live within your means
Images of the luxe life are everywhere. Factor in all the social posts where people do their best to show off, and it can feel like everyone else is living large. But it’s more likely they’re wracking up major debt, and that’s not something you want to emulate.
To live a life you can afford while saving money for a rainy day, it helps to live slightly below your means. For example, even if you could stretch to make payments on a new car, consider a used one. Likewise, don’t pay the highest rent or mortgage you can afford. You’ll be locked in, and situations can change.
Take a break from a recurring spending habit like the coffee drive-through, cigarettes, or lottery tickets and watch the savings stack up. The MoneyLion app can help by tracking your spending and point out opportunities to cut back or find discounts.
4. How to think about the future (retirement)
Setting goals can help you stay motivated and see whether your efforts are working or need refinement. Even if retirement is far away, it pays to start saving as soon possible, thanks to the magic of compound interest.
If your employer offers a 401(k) plan, enroll in it! Most plans offer target-date mutual funds based upon the year you predict you'll retire. These funds create a diversified portfolio for you and adjust their investments to become more conservative as you get closer to retirement.
Another way to save for the long term is investing through a robo-advisor, like the one offered as part of MoneyLion Plus (learn more: online | mobile). Over 93% of MoneyLion Plus members are first-time investors, now building their savings steadily over time.
5. How to keep learning
This is one of our favorite lessons of financial health -- always keep learning and growing. We provide the jargon-free information you need to learn about improving your credit score, saving on insurance, choosing an investment platform, and more on our blog and in the MoneyLion app mobile tip cards. That’s a lot of free financial advice right at your fingertips.
Our advice: Stay curious! Financial health is not a one-and-done project; it is a lifestyle -- and you deserve to enjoy it.
Choosing the right financial management tools
More than 2 million people use the free MoneyLion app to track income and spending, monitor and improve credit, and earn rewards. Nearly 25,000 have also joined MoneyLion Plus for 5.99% APR loans, guided investing, $1 daily cashback, and (coming soon) VIP banking with no overdraft fees; fast 0% APR cash advances; and more.