In a world where money decisions seem complicated, financial literacy is your anchor. Whether you’re dealing with debt, thinking about investing, trying to pay the bills or helping your children grow up money-savvy, there are growing numbers of free and low-cost tools to help you – and your family – get started or improve your skills. We have information below on various free tools, online forums, and programs that will help you learn what financial literacy is. We’ve grouped this into three broad paths.

1. Learning the fundamentals of financial literacy
2. Applying tools for everyday life
3. Growing toward investing and wealth building

1. Learning the Fundamentals

Most people do not even know the basic financial terms as they have never been taught them. Only roughly 29 states require a stand-alone personal finance course while as many as 35 require some form of personal finance instruction, with timelines and implementation varying by state. However even those classes may be lacking in what they teach students.

Over 40% of Americans do not have $400 in emergency savings and can’t pay an emergency bill using existing cash. The fact is that the earlier that anyone, especially kids and teens, learn about and develop financial literacy skills, the better. Whether learn about programs that low income families or those with limited savings can use to help pay down debts, start on the path to investing into the stock market, build savings and improve their overall money management skills. Some key concepts.

• It is very important to know what an interest rate is or how to use good debt and avoid bad debt to improve finances as well as countless other concepts.
• Most people do not know the Rule of 72 for doubling money. The list of challenges goes on an on.
• Find a list of important financial literacy terms on the website, including how compound interest can build wealth.

Whether it is learning how to budget, avoiding predatory loans, paying down credit card debt and so much more, the free tools we have listed will help you improve your financial literacy and, hopefully, over time become proficient.

2. Applying tools for everyday life

Budgeting and tracking spending is helpful, especially for lower income families. Technology has made this easier than ever. Many financial literacy focused apps and online platforms help you categorize spending, track bills, monitor cash flow, and adjust your budget in real time. You want to pick an option with good reviews and ongoing support. When budget apps fade, alternatives like spreadsheets or “envelope-style” systems (where you allocate cash/digital buckets for categories) still work well and find details on financial literacy budgeting apps.

Women, in particular single mothers, are behind when it comes to general financial literacy knowledge as investing for the future or saving for retirement. There are many reasons for this, such as the gender wage gap, the glass ceiling, gender discrimination, and more. But there are resources out there, and find personal financial literacy help for women.

There is free personal financial literacy advice given from non-profits, pro-bono firms, and even “for-profit” advisors. The free financial literacy help is for low to moderate income families, business owners, retirees, and anyone in need of free advice. Get free financial advice during a crisis.

Money can bring out all sorts of emotions. There is stress, anxiety, compulsive spending, fear of investing or buying/selling stocks at the worst times, relationship problems and so much more. Financial therapy can help you deal with all of these emotions (and others). They help people use logic in a non-judgmental manner when making personal financial literacy decisions. Find a financial therapist near you.

3. Growing toward investing and wealth building

A major focus is also on helping low income families get started with investing into the stock market or saving for their retirement. There are tools, non-profits and programs for low-income investors help build wealth. 

Some nonprofits and local organizations run “matched savings” or “asset-building” financial literacy type programs for low-income families. They both help people grow savings and sometimes match contributions to incentivize long-term saving and investing and learn more about an IDA account for low-income families.

Learn about different types of investments, such as mutual funds, Real Estate funds or ETFs.  There are different types of accounts as well, including 401(k)s, IRA, and retirement options for gig as well as self-employed workers, all of which help people invest and understand the concepts of investing.

There are even brokerages as well as smartphone apps that allow low income families to buy stocks, mutual funds of other investments even if they only have little money to invest. Learn how to invest with little money.

There are an increasing number of free or low cost technology tools that you can use in your daily life. They will help you budget, save money, invest, show your children as well as teenagers how to save or invest, and help improve your overall financial knowledge and reach your goals. Find how technology can help with financial literacy.

Need for personal financial literacy skills

Our only goal here is to provide help to anyone who needs and wants to improve their financial literacy. We also want to focus on assisting children as well as teenagers so that they can be better prepared as adults. If you need localized referrals for utility, rent, food, or other financial help while you build skills, start with our list of local, county-state financial assistance programs.

We were blessed to have parents who stressed financial literacy to us when we were young, and we also learned so much more growing up and as adults. We want to help share information to a wider audience and help others start on the journey to financial literacy.

Everything on this site is free to use. Any comments posted or emails sent are held in strict confidence and never shared. In fact, emails will be deleted as soon as we send a reply to your question. The site is also non-judgmental. No one should ever feel embarrassed or ashamed if they do not know key financial literacy concepts; in fact, you should only be embarrassed if you do not take it upon yourself to try to learn or to teach your kids.

By Jon McNamara