The Importance of Financial Literacy

Jun 6, 2023

Financial literacy is comprehending and effectively using financial tools and information to make sound financial decisions. Being well-equipped with the proper financial literacy and tools can help you with your relationship with money and empower you to make informed decisions. 

There are a lot of financial terms and tools out there. Being financially illiterate can lead to problems such as accumulating vast amounts of debt, lack of savings, poor credit scores, and lack of financial confidence.   A survey conducted by the Financial Industry Regulatory Authority (FINRA) in 2018 showed that 66% of Americans lack the financial literacy necessary to make sound financial decisions.   

A considerable part of my services is to offer Financial Literacy and Personal Finance Education. I take the time to educate, guide, and empower clients with the tools, facts, and resources to make sound decisions and set attainable goals.  

Here are some habits that can positively impact your financial journey. 

  1. Set up a budget – a budget is a plan of how you will spend and save your money each month.
  1. Maintain a healthy credit score – your credit score is a three-digit number determining your consumer creditworthiness. A credit score above 720 is considered a healthy credit score. 
  1. Build an emergency fund – money set aside for unplanned expenses. A healthy emergency fund comprises three months’ worth of your essential monthly expenditures.  

Did you know? 

Investing $60 a month at 8% starting at age 40 until you are 60 can generate $34,000 while starting at age 25 can generate $129,000.

Samanda Morales

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I’m Samanda Morales and I will help you change your financial mindset through personalized financial coaching and tips that empower you to overcome every day financial issues and build financial resilience.

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