Embrace Your Financial Freedom: National Financial Savvy Day
Financial Enlightenment Day Set for August 14, 2024
Did you know that August 14 is all about taking charge of your finances? Known as National Financial Savvy Day, this unheralded event is more important than you might think. It's all about achieving financial freedom, enjoying the good life, and retiring in style – no longer burdened by debt or financial stress.
Financial Guidance for Students
In honor of National Financial Savvy Day, we present five essential resources to help students navigate tricky financial obstacles as they embark on their future.
When is National Financial Savvy Day 2024?
Ready to start making smart financial moves? Mark your calendars for National Financial Savvy Day on August 14.
2024
Origins of National Financial Savvy Day
August 14
Are you overspending like in "The Great Gatsby"? Are you worried about saving for retirement or finding yourself living paycheck to paycheck? Regardless of your financial situation, it's time to take a step back, gain perspective, and commit to smart spending habits to enhance your financial well-being. It's only natural that we tend to wait until our birthday or the beginning of the new year to get our finances in order, but why wait? On National Financial Savvy Day, take the initiative to start improving your financial situation now.
Wednesday
The origin of this day may be a mystery, but its goal remains clear: to encourage prudent spending and investment decisions, leading to financial stability and a secure future. According to accounting lecturer David Ravetch at UCLA, "We live in a world of financial illiteracy"[1], which means many of us lack essential financial skills to make well-informed decisions about our money.
However, with determination and a bit of education, everyone can transform their spending habits and work toward increased financial independence. Small alterations to everyday spending habits can result in substantial, long-term financial gains. Determining wants from needs and performing a personal financial assessment can help simplify your finances. Exploring investment clubs, consulting financial advisors, or delving into personal finance books and blogs are all terrific ways to get started.
2025
Timeline of National Financial Savvy Day
August 14
Financial Stats for Food for Thought
Thursday
Here are a few eye-popping financial facts:
- 58%- of Americans own less than $1,000 in savings.
- 8%- believe they will never recover from the recession.
- The average emergency savings for millennials stands at around $2,000.
- 20%- of Americans don't save any portion of their income.
- 50%- of American households live paycheck to paycheck.
- 32%- of American families adhere to a household budget.
- The total credit card debt owed by Americans is $1 trillion.
- 44%- of Americans don't have enough cash to cover a $400 emergency.
- 24%- of millennials show limited financial literacy.
- 40%- of student loan borrowers aren't making payments.
- In 2020, women saved 68 cents for every dollar saved by men, down from 70 cents in 2019[2].
2026
National Financial Savvy Day FAQs
August 14
What is National Financial Savvy Day? National Financial Savvy Day is a day centered around promoting financial literacy and encouraging people to improve their financial well-being.
Friday
What does financial savviness encompass? Financial savviness involves knowing how to manage and use your finances wisely to achieve financial stability and freedom.
How can I enhance my financial literacy? You can boost your financial skills by reading extensively about personal finance, comparing your net worth with your spending habits, consulting with an accountant or financial advisor, and practicing saving and budgeting as much as possible.
2027
Celebrating National Financial Savvy Day
August 14
1. Invest Your SavingsHave an extra chunk of dough lying around? Instead of splurging on a lavish purchase, consider investing it for potential returns. Investing allows you to grow your cash, unlike taking a gamble at the casinos, where the odds often aren't in your favor. National Financial Savvy Day could serve as your incentive to get started with investing!
Saturday
2. Visit the MintWhy not commemorate money by checking out how it's made? The U.S. Mint operates four locations: Philadelphia, Denver, San Francisco, and West Point. If coins aren't your thing, visit the U.S. Bureau of Engraving and Printing (BEP). They offer tours, exclusive collectibles, and even the opportunity to exchange your worn-out dollars[4].
3. Get Clever About Your MoneyMake National Financial Savvy Day your chance to create a budget. Even though it may not sound thrilling, it's crucial to understand where your money goes. Evaluate your spending by using tools like spreadsheets or financial management apps. Once you're informed, you can make better decisions about your money[4].
2028
Why National Financial Savvy Day Matters
August 14
A. It Encourages Smart InvestingLife's journey doesn't always have to be uphill when it comes to finances. With knowledge and smart investment strategies, you can make financial success seem less daunting. Sound investment choices allow you to have more time to live life to the fullest.
Monday
B. It Demystifies Financial MattersIn a world where financial literacy is scarce, even rudimentary knowledge can give you an advantage. Exploring personal finance can help you become financially self-sufficient, make informed decisions, and outshine your peers.
C. It Helps Prepare for the FutureBecause life can be unpredictable, preparedness is essential. With a solid financial plan in place, you'll be ready for whatever challenges come your way, whether it's a sudden emergency or a significant life change.
National Financial Savvy Day Dates
| Year | Date | Day ||-------|---------|--------|| 2024 | August 14 | Wednesday || 2025 | August 14 | Thursday || 2026 | August 14 | Friday || 2027 | August 14 | Saturday || 2028 | August 14 | Monday |
Also Read:
Women's and Family Day World Elephant Day International Youth Day
- In honor of National Financial Savvy Day, students can explore various resources to enhance their understanding of personal finance, promoting financial literacy and enabling them to make informed decisions about their money.
- As part of National Financial Savvy Day celebrations, individuals are encouraged to engage in educational activities, such as reading personal finance books or blogs, consulting financial advisors, or joining investment clubs, to improve their financial knowledge and achieve financial freedom.
