Get ahead of money stress during Financial Literacy Month

Rising costs and financial uncertainty can make it hard to feel in control of your money. But small, intentional steps can make a real difference. April is Financial Literacy Month—a good time to take a fresh look at your finances, build healthy habits, and tap into resources that can help you feel more confident about your financial future.

Step 1: Know where you stand

Before you can plan ahead, it helps to know where you are now. Take a few minutes to check in on your current financial picture.

• Assess your financial health. Take Fidelity's Financial Wellness Checkup to identify areas where you're doing well, along with opportunities to improve.
• Review your debt. Take stock of what you owe and explore Fidelity's dealing with debt guide for strategies to pay it down.
• Build or update your budget. Not sure where to start? Watch Francis Financial’s budgeting presentation for practical guidance.
• Pull your credit report. Reviewing your credit regularly helps you catch errors and stay on top of your financial health. The Identity Theft Protection benefit, free for benefits-eligible employees, can help you stay informed of your credit activity.
• Check your retirement savings. Log in to your retirement account to review your contribution percentage and get a sense of where you're headed.

Step 2: Manage today's expenses

Managing day-to-day expenses is one of the most direct ways to reduce financial stress. A few targeted changes can free up more money than you might expect.

• Find one expense to cut. Review last month's bank and credit card statements and identify one bill, subscription, or habit to reduce. A $50-per-month subscription adds up to $600 a year—money that could go toward an emergency fund.
• Pay yourself first. Automate your savings either through scheduled transfers to your bank account or by putting money in a jar or piggy bank. Consistency matters more than the size of the contribution. For example, setting aside just $27.40 per day adds up to $10,000 per year.  You can also explore whether your bank offers high-interest rate CDs or savings accounts.
• Save on health care costs. Making smart choices — like using in-network providers, choosing generic medications, and using telemedicine for non-urgent needs — can add up to significant savings. Stretch those savings further by enrolling in a Health Savings Account (HSA) or Health Care Flexible Spending Account (HCFSA) during Open Enrollment, and use them to pay eligible expenses with pre-tax dollars.
• Reduce caregiving costs. If you have dependent care expenses, a Dependent Care FSA can save you up to 30% on child care costs through pre-tax dollars. You can enroll in an FSA only during Open Enrollment, but now is a good time to start planning.
• Take advantage of Stanford Sweeteners. Use Stanford Sweeteners to access perks, rewards, and discounts that reduce everyday expenses.

DON’T MISS THE DEADLINE! If you have a 2025 FSA, the last day to submit expenses is April 30, 2026.

Managing financial stress is one of the most powerful things you can do for your overall well-being. Stanford's financial assistance programs are here to help. Take the first step today.