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Now that we all know the issue at hand: lack of financial literacy. Before we can fix it, we have to truly understand what it means. Financial literacy is simply understanding how money works. Knowing how to make, manage, and invest your funds.
Some might say, “No, I have a job and a bank account. I’m good. Others might say, “My bills are paid, now I can shop.” They think they’ve made the best out of their financial situation.
Related: The Importance Of Financial Literacy
The achievement of financial success is not just about earning money and being able to buy shoes or go on trips. The mission of financial literacy is to build the foundation for a lifetime of financial well-being.
Working a 9 to 5 and buying materialistic things only ensures temporary comfort, most of the time. What happens when you’ve been working to save up for a particular item and then all of a sudden, that random emergency pops up or even worse that bill that you forgot about on Bill Pay withdraws?
Yes, we have all been there! With just a few tips and real practice, I can assure you that things like this will no longer be an issue. First things first, you must come up with your own personal game plan.
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Grab a pen and paper and write out a 3-month goal list. For this list simply jot down 10 financial situations you would like to change over the next few months. Remember to keep the list basic and clear for you understand and also don’t forget, this is YOUR list.
Keep in mind your lifestyle, your current financial situation, and also your overall mission. April is Financial Literacy month. Before April 1 create a budget plan.
An effective budget will generate positive money habits and layout the path to great management, spending freedom, and lasting investment tools. In this 3 category budget plan brainstorm what three areas get the most of your money? It might be food, clothes, gadgets, etc. The number one rule when doing these quick exercises is, to be honest. Ask yourself,” What really drains my pockets?”