Financial Literacy Month: Practice Brings You Closer to Perfection | Florida Capital Bank

Disclaimer: There’s no such thing as the perfect financial plan.

With that being said, it’s good to know that the more you take into account all of the factors that affect your finances, the better your financial status can become.

After you’ve asked yourself the necessary questions to jumpstart your journey into becoming financially literate, it’s time to implement all that you’ve learned. When it comes to budgeting, saving and planning for the future, we’ve got some tips for you:


Now that you’ve read FLM: Part 1, you now know where your money is coming from and roughly have an idea of where it’s going. (You have read part one, right?) With this information in your pocket, you can clearly see what areas in your financial life need the most help.

Do you spend too much on clothes or eating out? Is the apartment that you’re renting putting a strain on your savings? How can you balance your more permanent monthly payments and your more flexible ones?

By creating a budget for yourself, you’re able to better organize these areas. Whether you browse the internet for ready-made budgeting plans, or decide to customize a new plan to cater to your personal situation, it’s important to have and keep some kind of budget in place. Be sure to include adding to your savings every month, and you can eventually watch as your debt decreases, and your savings increase.



Going hand-in-hand with your new budgeting plan, it’s important to remember that your savings plan should match your financial situation. While this can change as your situations change, one thing to keep constant is that you have  and actively use your savings plan, at least to some degree. When you go over your budgets, debts and other financial plans, your savings should always be #1.

Here are three things to keep in mind whenever you make changes to your savings plan:  

  1. “What am I saving for?”
  2. “How can I reach this reasonably?”
  3. “Is there room for improvement?”

Answering these questions while you make up a savings plan forces you to remember what is important. It lets you keep your goals in mind, allows you space to adjust your plan to match your current situation, and gives you room to grow.



So you’ve decided that you’d like to see yourself in a new house in five years. Great! Next step: How can you get there? When it comes to you and your finances, planning ahead can and will only become beneficial to you. Whether you are considering buying a new house, or are preparing to retire, your plans should begin before that time comes around. Know your starting point and your end game, and adjust accordingly. Now, because you’ve been budgeted and saved consistently in those five years, you’re more than prepared to make your move.

Maintaining personal finances can become a headache-inducing process for many. However, we all have to start somewhere. With time, you will become more comfortable with and have more confidence in the ways you manage your finances. Practicing and implementing different strategies will eventually lead you to your ultimate goal.