National Financial Awareness Day - August 14, 2024

How much would you like to bet that most people don’t know August 14 is National Financial Awareness Day?

It’s more important than you think. And plus, what’s more fun than financial independence? First off, think about that great feeling you get when you don’t have the looming specter of debt hanging over you. Also, sound financial decisions can really make a difference down the road. Remember, retirement is a time to take all those vacations you couldn’t when you were working the daily grind. Because money is important to our overall peace of mind, Financial Awareness Day is a great time to review where you are now and where you’re going financially. Don’t let bad financial decisions ruin the best years of your life!

National Today News: New Apple Card generates lots of interest

National Financial Awareness Day timeline

1959

Put it on plastic

American Express introduced its first credit card in 1958 and the following year releases the first plastic credit card.

1950

Check, please

Frank McNamara and Ralph Schneider introduce the Diners Club Card as an alternative to cash. It has 20,000 cardholders in a year.

1946

Charge ahead

John Biggins, a banker in Brooklyn, introduces the "Charg-It" card, believed to be the first bank card. (Customers used it at local businesses, who then forwarded the bill to the bank.)

How to Observe National Financial Awareness Day

Invest

Got some money burning a hole in your pocket? Instead of spending it on some fleeting luxury, why not get in on some of that sweet return-on-investment action? Very rarely do you get the chance to spend your money on something that gives a bit back — well, unless you take a trip to Vegas, but those odds are for suckers. In the end playing it safe is always sexier than spending it all. Use National Financial Awareness Day as an excuse to start investing. It’s sure to pay off!

Take a trip to the U.S. Mint

What better way to celebrate money than by finding out how it’s made? There are four U.S. mint locations: Philadelphia, Denver, San Francisco and West Point. If pennies aren’t quite as pretty as paper to you, head down to the U.S. Bureau of Engraving and Printing or BEP for short. Not only do they offer tours and rare currency products, but you can take any of those ratty dollars that accidentally got tossed in the dryer and redeem them for free. How’s that for smart money?

Get smart about your money

National Financial Awareness Day is the perfect opportunity to make a budget. We know, we know, it’s not an attractive task but it’s so important. Find out where you spend your money by making a spreadsheet or using one of the many online services and apps that will do it for you. The numbers may shock you but that’s okay — knowledge is power!

Why National Financial Awareness Day is Important

It celebrates Easy Street

As the saying goes, why work for your money when you can make it work for you? Sometimes in the seemingly endless race to chase that paper, we forget that we don’t always need to take the uphill course. With the right knowledge, you can make the road to riches far less bumpy and a lot more scenic. Sound investment practices can help you spend less time working and more time enjoying your life.

It teaches us that finances don’t have to be confusing

In the land of the blind, the one-eyed man is king and if there's one thing most people are clueless about, it’s finance. There’s no downside to having a bit of financial literacy in life. It’s a subject many people find daunting, but taking the initiative to learn how money works will make all your peers green with envy. Just like everyone flocks to that one mechanically-inclined friend when their car breaks down, you’ll be that guy — but for money. Plus, when your car breaks down you can just buy a better one!

It reminds us to prepare for the unforeseeable future

They say money can’t buy you happiness. Perhaps — but not having money can sure bring you a lot of sadness. That’s why it’s so important to make sound investment decisions now so you’re not suffering later. You never know what kind of pitfalls life may throw your way but there’s no better safety net than having a nice contingency fund in your pocket.

Also on Wed Aug 14, 2024...

National Financial Awareness Day - Wednesday, August 14, 2024