Financial Literacy Month is a perfect time for all Delawareans to take a close look at our finances. Throughout the month of April, commit to learning a new financial tool, save a little extra money, or plan for your financial future or that of your child.
Encouraging people to create an effective savings plan is a perfect match for our office’s priorities of bolstering retirement security and readiness, creating pathways to economic empowerment, and promoting a culture of financial excellence for all Delawareans.
Financial literacy skills means having the confidence, knowledge, and skills needed to make financial decisions that promote financial self-sufficiency, stability, and well-being. These skills include the ability to effectively locate, evaluate, and use information, resources, and services and to make informed decisions about financial obligations, budgeting, credit, debt, and planning for the future.
For years we’ve been warned to save for the emergency that’s just around the corner. While the phrases “emergency savings” and “rainy day funds” are commonly used, both presume that emergencies are bad — and that’s not entirely true. Sometimes the unexpected is a fun OPPORTUNITY, not a disaster.
Having emergency savings helps protect you when unexpected expenses arise so you can face them without needing to rely on credit cards or high-interest loans. Four Tips for Building an Emergency Fund
Saving for the unexpected doesn’t only mean bad things or emergencies. Learn how to Save for the “Good.”
There is no specific dollar amount or even a percentage of working salary that you will need to live comfortably in retirement but all experts agree that saving for retirement now is the key to living comfortably later.
The State of Delaware offers a low cost 529(a) savings plan – DEPENDABLE – that allows individuals with disabilities and their families to save for a broad range of expenses on a tax-advantaged basis without jeopardizing their benefits from supplemental security income (SSI), Medicaid and other state and federal programs.
The DE529 Education Savings Plan is sponsored by the State of Delaware and managed by Fidelity Investments. The Plan provides tax-advantaged accounts designed to help parents, grandparents and others pay for higher education expenses.
Use this Financial Wellness Worksheet to evaluate your current income and spending practices and to identify areas for improvement on your financial wellness journey.