April is Financial Capability Month, a time to empower individuals with the knowledge and tools needed to make informed financial decisions. Being financially capable isn’t about how much money you make, it’s about how you manage, save, and plan for the future. No matter where you are in your financial journey, small changes can lead to big improvements in your financial wellbeing. 

What is financial capability? 

Financial capability means having the skills, knowledge, and confidence to manage your money effectively. It includes: 

• Budgeting wisely: Knowing where your money goes and aligning it with your priorities. 

• Building savings: Preparing for unexpected expenses and long-term goals. 

• Managing debt: Keeping debt under control and making a plan for repayment. 

• Investing in your future: Planning for retirement and growing your financial resources over time. 

According to a study by the Financial Industry Regulatory Authority (FINRA), only 34% of Americans can answer basic financial literacy questions correctly. This highlights the importance of ongoing education and financial awareness. 

How to strengthen your financial capability 

1. Assess your financial health 

Start by reviewing your financial situation. Ask yourself: 

• Do I have a budget that aligns with my income and expenses? 

• Do I have an emergency fund that could cover 3-6 months of expenses? 

• Am I actively reducing debt and avoiding high-interest financial burdens? 

2. Build healthy financial habits 

Small daily habits add up over time. Here are a few to start with: 

• Automate savings: Set up direct deposits into a savings account so you’re consistently putting money aside. 

• Use the 50/30/20 rule: Allocate 50% of your income to essentials, 30% to wants, and 20% to savings and debt repayment. 

• Review your subscriptions and expenses: Cancel services you don’t use and redirect those funds toward your financial goals. 

3. Take advantage of financial resources 

With FinFit, you can: 

• Start with a financial assessment to identify areas for improvement in your financial health journey. 

• Access guidance to reduce debt, improve your credit score, and build savings. 

• Use FinFit’s budgeting tools and resources to simplify money management and stay on track toward your goals. 

Log into your FinFit account today to explore how financial coaching can help you build confidence and take control of your money. 

4. Plan for the future 

Financial capability isn’t just about handling today’s expenses, it’s about preparing for tomorrow. Make sure you’re taking steps to: 

• Invest in your retirement, even if it’s small contributions to a 401(k) or IRA. Check out this Learn article to read more about how to save for retirement. 

• Set long-term financial goals, like buying a home or paying off student loans. 

• Continue learning, whether through financial literacy courses, books, or employer-provided resources. 

You have the power to improve your financial future! 

Financial Capability Month is a reminder that no matter where you’re starting, you can take steps toward greater financial stability. 

Take this opportunity to evaluate your finances, set new goals, and use available resources to build a more secure future. Whether it’s creating a budget, growing your savings, or reducing debt, every step you take today moves you closer to financial confidence and independence.