PENNSYLVANIA, USA — April is Financial Literacy Month.
This is a time when you can learn about and improve your personal finances for the rest of the year.
With inflation and the looming tax deadline occurring later this month, experts said being financially literate can set people up for economic success.
But don't let the phrase "financially literate" scare you.
You do not need to be an financial expert or have a Ph.D. in economics to make smarter spending and saving decisions.
At the very least, experts said you just need to learn to track your spending and learn where your money is going.
In other words, experts said it's important to budget. This can be understanding how to balance a checkbook, how to write a check and knowing what your money is doing.
Experts also said learning how to save and continuing to pay down debts can prepare you for your short term and long term goals.
Finally, experts said to never feel like you should do this alone.
You can always find information online, such as on website like Bankrate, Forbes or CNBC, or even talk to financial experts that can help guide you in the right direction.
Ryan Canfield, partner at Willow Branch Financial Group, said staying proactive in your financial literacy will always set you up for success.
"Really learning those tools can help you to save money on your taxes, help you reach your financial goals quicker and just avoid making money mistakes," said Canfield.
The tax filing deadline is April 18. Canfield said the best way to prepare is seeing where you are financially, and mapping out what the next 12 months are going to look like.
This can help you avoid paying a tax penalty and gain access to your money.
Experts said that just staying up to date with your finances and being aware of where you stand is the simplest way to stay financially literate.
"Know where your money's going," said Canfield. "Make your money work for you instead of you trying to always work for your money."