You may associate April with tax time, but did you know that it is also Financial Literacy Month?

Perfectly aligned with traditional filing deadlines, this is a great time to review your finances and build up the knowledge, skills, and confidence you need to accurately handle your money. By becoming more financially literate, you can reduce your risk of wasting wealth and make great strides toward a more affluent future. As the saying goes, money makes the world go round—and taking steps to better secure yours can help you turn your fortune in your favor.

Craft a budget

This is simultaneously the simplest and most crucial way to develop financial literacy. Forming a budget can better enable you to quantify your money as you earn it, pay it toward expenses or other investments, and watch your savings grow.

Fortunately, there’s no longer a need for the tedious practice of sitting down with a legal pad and calculator to write your budget. Thanks to modern technology, the task is made easy with apps like YNAB and NerdWallet, which provide simple plug-and-plan tools that walk you through budgeting strategies and help you keep tabs on your monetary health. Get more hands-on with your income, investments, savings, and spending habits, and you can better understand your financial lifestyle and potentially improve how you use your money.

Tackle what you owe

Credit cards, loans, financing plans, and other lines of credit aren’t free money, even if they may seem that way. Every time you buy groceries with a credit card or finance home goods, you essentially take on new debt, so ensure you continually stay on top of these balances. Make at least the minimum payment on every line of credit, and always do so on time to avoid racking up extra fees or interest. (To avoid missing a deadline, consider setting up automatic payments or creating recurring reminders with your smartphone assistant or in a calendar app.)

You can also seek out a credit card with a 0-percent-APR promotional offer, meaning you won’t pay any interest for a limited period. Make purchases with this card rather than with a high-interest one, and use it to cover any other debt that currently builds interest, such as student loans. Just be sure to pay off its balance before the no-interest period ends.

If you come across extra cash—perhaps you receive a paycheck bonus or identify unused spending money left over at the end of the month—channel these funds toward eliminating your various debts, starting with high-interest balances. Gradually freeing yourself from the shackles of owing money will bring a great sense of relief and give you more room in your budget for savings or other spending.

Be serious about saving

Conventional wisdom suggests saving is one of the best ways to help set up your future; even stashing just three months’ worth of expenses in savings may better protect you in a financial emergency. However, doing so isn’t always easy, especially if unexpected costs pop up and deplete your funds. The financial experts at Bankrate note that “saving money comes down to two factors: increasing your income and reducing your expenses.” While the former can be difficult since it may require finding new or even secondary work, the latter is, thankfully, more attainable. Slash expenses by reducing your discretionary spending (i.e., unnecessary costs like dining out) and eliminating debt when possible. As you free up extra cash, set it aside in a high-interest savings account, where it may flourish.

Plan for retirement

This may be a less exciting way to divvy your funds than, say, going on a shopping spree, but setting aside money for retirement isn’t just wise—it’s fundamental to developing a safety net for your golden years. Remember, retiring means leaving behind your primary source of income, so you’ll need a bevy of cash to support virtually all your living expenses and enjoy your seniority stress-free. Because there are dozens of methods for saving up these funds, including employee-sponsored 401(k) accounts and tax-advantaged IRAs, consider discussing your options with a financial professional to determine which arrangement may suit you best. Your future self will thank you.

Avoid fraud and scams

Attempts to pilfer money from unsuspecting individuals are more numerous and advanced than ever. This is thanks in no small part to technology like AI that can replicate human interaction and fool you into believing you’re sending money to a loved one. According to the Federal Trade Commission, consumers lost up to $8.8 billion in scams in 2022 alone (a 30 percent increase from 2021), so now more than ever, it’s vital to make efforts to protect your finances and stay ahead of these deceptive developments. Refer often to reliable outlets such as AARP, which details rising fraud and scam tactics, to stay one step ahead of criminals. You should also pull your credit report once a year to check for signs of identity theft, including fraudulent lines of credit opened in your name.

Also heed this warning: never give financial information over the phone, even to a loved one. If you receive a call from what seems to be your bank or the IRS requesting account information or money, hang up and call its customer service department directly for more details.

Seek assistance

If you want to truly boost your financial literacy, consider enlisting the guidance of a money-management professional. The financial world is incredibly complex, and some facets may seem downright obscure. What’s the difference between a 401(k), 403(b), and 457 account, and which plan is most suitable to your long-term goals? Rather than researching each alone, turn to a seasoned pro who has spent years learning and practicing the art of financial management. The time and effort they save you, along with their insightful strategies, may be well worth the investment, which may help you set sail toward superior financial wellness.