Raising awareness about the importance of healthy money habits

Since 2004, the U.S. government has recognized April as National Financial Literacy Month, a time for encouraging Americans to learn about financial issues and develop healthy spending and saving habits.

Studies show that it’s becoming increasingly difficult for Americans to put part of their income into savings. People of all ages aren’t saving enough money to retire comfortably, and numerous surveys reveal that most Americans would struggle to produce an extra $1,000 in an emergency. Plus, the average American household has just over $6,000 in credit card debt.

In light of these troubling statistics, it’s important to take steps to promote financial literacy in our families, schools and workplaces. Here are some personal finance basics to remember.

• Build an emergency fund. Experts advise having six months’ worth of expenses saved in case of an unexpected job loss or sudden medical emergency.

• Use credit cards responsibly. Avoid making only the minimum payment on your credit card each month. Try to spend only what you can afford to pay off.

• Co-manage money wisely. Whether you have joint accounts or manage your money separately, have open and honest conversations with your partner about money to ensure you’re on track to meet your long-term goals.

• Save 20 percent of your income. Automate payments into your savings account so you’re putting aside the recommended portion of your income each month.

Keep in mind that the best way to become financially literate is by developing good money habits early in life. If you’re a parent, consider kid-friendly ways to introduce your children to personal finance this April.