April is National Financial Capability Month, so now is the perfect time to focus on the finer points of your finances.

According to the Survey of Consumer Finance in 2016, only about 43% of U.S. households were able to correctly answer all 3 questions about basic financial knowledge. Understanding key terms and basic processes can help with your financial health and your peace of mind.

Spend smarter

If you’re not sure where your money is going, you might want to track your spending. Try to find what works best for you, whether it’s a spreadsheet, a notebook or an app. Doing this will help identify your spending trends so you can see what you’re spending your money on. Then you can better budget your money.

Learn how to save

Many of us have short- and long-term financial milestones we want to achieve, such as buying a car or home, paying for school or retiring. To reach your milestones, you need to:

• Figure out how much money you’ll need.
• Make sure your goal is achievable.
• Create a savings plan, which includes setting aside some money each month.

Borrow what you can repay

When you borrow money, it’s usually to buy something you need now but don’t have the cash to cover. However, you need to be smart when getting a loan or using your credit card. First, make sure you can afford the payments. Then, shop for the lowest interest rates. Repaying your loan early or paying off your credit card balance each month will help you avoid paying some of the interest. And be sure to make your payments on time to protect or improve your credit score.

Plan for the future

Planning for your personal financial future takes commitment. You need to have a specific purpose and plan in mind. Include steps you need to take, the timeline for each step and how you’re going to hold yourself accountable.

Sources: ​fdic.gov, federalreserve.org, moneyfit.org, mymoney.gov, pefcu.com​,stlouisfed.org

Whether you’re mastering the basics or going more in depth on a specific topic, Financially Fresh, provided by Publix Employees Federal Credit Union (PEFCU), can help your financial well-being. Visit PASSport for a link to sign up.