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Personal Savings, Business Savings Article

Financial Literacy Tips for Businesses and Individuals

A Stellar accountant walking a couple through financial literacy documents

April is Financial Literacy Month. It’s a great time to raise awareness about financial wellness and spread essential financial knowledge about often-overlooked topics such as managing money, paying down debt, and saving money for unexpected expenses or retirement.  

The Pitfalls of Poor Financial Planning 
In the Federal Reserve’s latest report on the economic well-being of U.S. households, only 85% of adults said they could pay all of their current month’s bills in full. In the event of an unexpected $400 emergency expense, approximately 3 out of 10 adults would be unable to pay using cash, savings or a credit card paid off at the next statement. The Fed’s Changes in U.S. Family Finances from 2016 to 2019 report shows that less than 40% of families in the bottom half of the income distribution participate in a retirement plan. And 37% of business owners lack the profits to save for retirement, according to data gathered by SCORE

The First Steps Toward Financial Health 
As Houston’s largest community bank, we’re committed to helping Houstonians understand—and take control of—their financial health. It’s never too soon (or too late) to start thinking about money management. Here are a few simple steps you can take to build stronger financial habits for yourself or for your business. 

Banking Tips for Businesses 
Financial wellness isn’t just for individuals. For business owners, it’s important to have money set aside for unplanned expenses, future business projects and taxes. While it’s tempting to invest most of your money back into your business, you need to plan to have some easily accessible liquid funds to cover your expenses during an emergency, such as an unexpected slow season or business downturn.  

Remember, financial health isn’t a “one-size-fits-all” approach. The strongest solutions are the ones that work for you long term. Explore all of Stellar Bank’s financial resources designed to meet any banking needs you have. Contact a Stellar Banker to discuss our financial options and discover how our full-service banking solutions can help you meet your goals. 

For more information about financial literacy, visit our Financial Literacy Resources page.   

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