April is Financial Literacy Month, marking a good time to assess your financial goals and what it will take to get you there. Your Fidelity NetBenefits is designed for everyone on the financial literacy spectrum, helping you build money skills to help you reach your goals. Use this month to learn about steps you can take to make progress on what matters most, and take advantage of tools, workshops and videos that cover popular money topics.

Here are some areas in which you can increase your financial literacy:

Find ways to spend more mindfully. Spending mindfully means being conscious of where your money goes and making intentional choices about your purchases. Some actions you can take to help include:

• Creating a budget and regularly tracking expenses to understand your spending habits.
• Before making a purchase, ask yourself if it aligns with your values and priorities.
• Consider implementing a waiting period for non-essential purchases to avoid impulse buying.
• Looking for alternative hobbies or entertainment that involve little to no money.
• Practicing gratitude for what you already have, which can reduce the desire for unnecessary purchases.

Create a “reserve” for unexpected costs. Unexpected costs can arise at any time, whether it’s car or home repairs, or unexpected medical bills. Ideally, you should try to set aside enough to cover three to six months of living expenses. Be sure to keep your emergency fund separate from your household accounts. You want it easily accessible, but not too accessible. Here’s how to get started.

• Set up automatic transfers to your emergency fund each month for consistent saving.
• Regularly review your budget to identify areas you can redirect to your emergency fund.
• If you have the time, consider boosting your savings by selling handmade and custom crafts or items you no longer use around your home.

Tackle debt while saving for other goals. With thoughtful prioritization and planning, you can balance debt repayment with other financial goals. Here’s how:

• Tackle high-interest debt first, such as credit card debt.
• Allocate a portion of your income towards debt repayment while still contributing to savings.
• Consider using a tax refund to accelerate debt repayment.
• Negotiate with creditors for lower interest rates or payment plans if you’re struggling to make payments.
• Focus on building your emergency fund alongside debt repayment to avoid the need to rely on credit cards for future unexpected expenses.

Protect and maximize what you have. Protecting your current assets and optimizing their growth involves strategies such as insurance coverage, diversification, and investment planning. Here are some actions you can take:

• Review your insurance policies regularly to ensure adequate coverage for your assets, including health, life, home, and auto insurance.
• Diversify your investments across different asset classes to spread risk and maximize potential returns.
• Take advantage of your Transocean employer-sponsored retirement plan and contribute enough to receive the matching contributions.
• Consider consulting with a financial advisor to develop a personalized investment strategy based on your risk tolerance and financial goals.
• Continuously educate yourself about financial markets and investment opportunities to make informed decisions about managing and growing your assets.

If you’ve never thought of yourself as being financially savvy, remember that this knowledge is learned! Log into your Fidelity NetBenefits account and see how quickly your financial literacy grows – along with your accounts.