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LITTLE ROCK, Ark. (KTHV) -- Financial literacy is an important, lifelong personal finance skill that everyone should have because it fosters careful spending and informed decision making. Here are five financial numbers you should know.

Check out more from The Manilla Folder: 5 Financial Numbers You Should Know

1. Credit Score - This impacts many facets of your life - including getting a loan for a car or house and being approved for a credit card. Experts recommend checking your credit report at least once a year to catch errors or identity theft.

2. APY - Your annual percentage yield is your yearly compounded interest - generally associated with a bank account. Every year, your financial institution will pay you a certain percentage of the money you keep in an account and the APY determines how much you receive.

3. Mortgage rate - This is the interest rate charged by a mortgage lender, regarding home ownership. If you happen upon a lower rate, consider re-financing your home to save money. Before you make your decision, calculate the "payback period" because re-financing fees can be expensive.

4. APR - Your annual percentage rate is the interest that you pay a financial institution or creditor on loans or credit cards. If you know you won't be able to pay your credit card bill in full each month, choose a card with a lower APR.

5. 401K Fees - This is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account.