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Financial Literacy Month

Financial Literacy Month

Start Building Strong Financial Habits

National Financial Literacy Month is finally here! At San Luis Valley Federal Bank, we're committed to offering you the resources you need to make healthy financial decisions. This month, we want to celebrate our members who have achieved important financial milestones, whether opening a new deposit account or buying your first home. Congrats! If you're feeling less comfortable with your financial journey, that's okay too. Our free, digital financial education program is here to support you along the way. We'd like to share these four topics with you, creating healthy financial habits, creating a budget, basic information on taxes, and learning to have conversations about money.

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Healthy Financial Habits

Many American workers save for retirement with a 401k plan. Suppose your job offers a 401k plan as a benefit. In that case, it's important to take advantage of it and interact with this short learning experience to determine how to maximize the money you are putting into it. This lesson will explore:

  • The different types of 401k plans

  • Common features of 401ks, including funding options, limits, and tax savings

  • Options and restrictions around withdrawing money from your 401k

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Creating a Budget

Only about one-third of Americans create and maintain a budget – are you one of them? A budget can help you stay on top of your finances by helping you plan where your money will go instead of wondering where it went. This short lesson will help you learn more about how to:

  • Identify your income sources as well as your expenses

  • Create a new budget or reevaluate an existing one

  • Apply strategies to monitor your spending and stick to your budget

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Taxes: The Basics

We're all probably familiar with paying taxes but may not fully understand the process or the impact they can have on our financial lives. Filing your taxes may feel overwhelming, but our quick tax lesson will give you some tips that might help put you at ease. We will review:

  • The different types of taxes and why they're important

  • What personal information and forms you will need

  • Common tax terms and the process to file your taxes

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Family Conversations About Money

Money can be difficult to talk about, but having proactive, honest conversations about money within your family can help reduce stress and improve the financial capability of generations to come. Take this short course to learn more about:

  • Identifying the appropriate family members to include

  • Strategies to make conversations productive

  • How to develop an action plan to create positive financial behaviors

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