financial literacy training

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What is financial literacy

Financial literacy is the level of knowledge about finance, personal savings and how to manage them. In this article, we will talk about the basics of financial literacy that will help you become financially independent and manage your money wisely.

Always spend less than you earn

You spend whatever you earn. No reserves are formed. Housing problems are solved by attracting a maximum loan, which increases interest costs and lowers the standard of living.

Try to buy what is more expensive

You often buy out of emotion and then don't use the purchased items. Many purchases are made using loans, including consumer loans with the highest interest. You do not work for yourself, but for the banks.

Consider not only the cost of the item, but also the cost of its maintenance.

You basically want to buy a foreign car without considering buying a domestic car. You need a 3-room apartment right away, but a 1-room one does not suit you.


Where to start solving financial problems?

A loan can be taken in three cases: For housing. For the means of production. For treatment. Credit cannot be taken for a car, entertainment, equipment (if it is not needed for work), clothing, etc. Credit cards should be used with extreme caution or not at all. A new loan can be taken only after the previous one is paid off. It is impossible to combine two, three or more credits.

Financial reserves

Any person needs to have reserves that can be spent in case of force majeure situations. The minimum amount of reserves is 6 months income. Optimal - income for 1 year. This amount of reserves will allow you to comfortably cope with temporary difficulties or change your profession if necessary. If you are planning to have a child, the amount of reserves should be increased. You will not be able to fully work for some time, while your costs may increase significantly due to the addition to the family.


Summary: Why Financial Literacy?

Knowledge of finance and the ability to manage personal funds will allow you to accumulate wealth and gradually increase your financial capabilities. You don't need to take out big loans to buy the things you need. It will be easier for you to solve problems such as buying a car and real estate. You will become calmer and more confident in life, you will worry less about tomorrow.

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