Note: The following article was written and provided by State Treasurer David McRae. All opinions expressed are those of the authors and do not necessarily represent the opinions of this book.
Posted by: Treasurer David McRae
Our team at the State Treasury is focused on your financial health, not just our state’s. As Financial Literacy Month comes to a close, it’s a good time to take an inventory of your own financial wellness. Whether you’re in your golden years or just starting to become financially independent, here are some things we should all evaluate to make sure our finances are working the best for us. There are areas.
When considering your financial wellness inventory, start with these questions: How much money do I currently make? Has my financial situation changed since my last check-in? What recurring expenses do I have? • Can I get rid of any? Is there extra money at the end of the month that I can move into an interest-bearing savings account or a 529 education savings account?
By taking a quick inventory of your finances from time to time, you can more easily figure out where to spend your paycheck, eliminate unnecessary expenses, and save for the future.
After taking inventory of your finances, consider creating a budget (or reevaluating your current budget). Sticking to a monthly budget helps you stay accountable for your long-term financial goals (paying for college, buying a home, paying off a car, etc.) and helps you stay on track with future financial opportunities. You will be able to better anticipate challenges.
This is especially true for those graduating from college or high school in the coming weeks. For many people, this is their first time living on their own and being expected to manage their own money. Following a budget immediately after graduation will set students on the right path for years to come.
The state Department of Treasury provides many resources for families to conduct a useful financial health inventory. For more information, visit Treasury.MS.gov/FinancialEducation.
In addition to assessment resources, our team can also help you set up a 529 Education Savings Account, which can help you prepay for college, fund an apprenticeship, and cover room and board. For more information, visit Treasury.MS.gov/CollegeSavings.
Finally, our unclaimed money department can help you balance your budget or find money to invest in your education. To search for money in your name, visit Treasury.MS.gov/Search.
As we conclude Financial Literacy Month, we encourage you to take advantage of one of Treasury’s many resources to get your financial health back on track.
Mississippi State Treasurer David McRae is the 55th Treasurer of the State of Mississippi. In this role, he helped manage the state’s cash flow, oversaw the Mississippi University Savings Fund, and returned more than $85 million of his unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
