Despite how crucial financial literacy is to be living a fulfilling life, neither parents nor schools frequently teach about personal finance.
Managing your finances and making plans for the future are two aspects of personal finance. Spending, saving, investing, insurance, mortgages, banking, taxes, and retirement planning are all included in it.
Ensuring that what leaves your account each month doesn't exceed what comes in may require budgeting and knowing how to balance your bank account.
Winging it and hoping that everything works out at the end of the month might result in bank fees, credit card debt, and prevent you from saving money.
You might wish to keep track of your spending for about a month to have a better understanding of where your money is going every day.
Going over your budget and looking for methods to reduce discretionary expenditure is an excellent starting step.
This is especially true if you aren't living within your means or you'd want to have more money available for savings.
Only you can decide.
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