Back to Basics

in LeoFinance10 months ago

Despite how crucial financial literacy is to be living a fulfilling life,
neither parents nor schools frequently teach about personal finance.

Sadly, a lack of financial literacy and, consequently, planning
has resulted in many adults running up credit card debt,
living paycheck to paycheck, and failing to save
enough money for emergencies and retirement.

Going back to the basics of personal finance
could alleviate a lot of money issues.
These essentials include
how to make a budget and
the most effective methods for paying off debt.

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.

You can cook more instead of going out.
Make your own coffee, instead of buying it?
You can buy less clothing,
maybe not buy any at all for a year.
How about cutting out the cable?
or magazine subscriptions?
Or quit the gym and work-out at home instead?

Only you can decide.


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I am not a financial adviser. This article is not meant to be financial advice. My articles on cryptos and precious metals share my personal opinion, experiences, and general information on cryptos and precious metals.
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Several years ago, when we first moved here, I was buying both of us coffees each per day. That, back then was around $209 per month! Crazy, I know right? Who does that? A lot of people I suspect! They might not even realize just how much they spend on little things, like coffee.

My solution was to get an espresso machine, and spring for the paper cups and lids; get my own whip cream maker and some coffee syrups, and like magic- I reduced our coffee expenditure by 80%! Nowadays, it's even less because we buy green coffee and roast it ourselves.

So, this is just ONE thing people can look at if they partake of coffee. There is so much more that you can choose from in your daily stuff you spend money on, to whittle down your monthly costs. It's very doable and highly recommended that people do so. You never know when you need a cushion of money for an unforeseen crisis.

Reducing debt also takes a load, literally, off your shoulders!

Good article, sis! Thanks for sharing; much love!🤗😘💞🌸 !LADY

You have always been prudent with your money, sis!
If you are serious about finding ways to save, it is important to know where your money is spent!
Much love, sis 🤗
!LADY 😍🌺🤙

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I was reading about central banks ties to gold and found it fascinating that even schools that do teach finance don’t talk about inner workings of gold with central banks. Bottom line it feels like government don’t want us to thrive investing but struggle and depend on government subsidies and/or stimulus.

Hahaha, you'll be surprised! The debt-credit system, the FICO score... I have a lot to tell you...
Do the best that you can, and get out of the debt-credit system... as soon as possible!

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@silversaver888 denkt du hast ein Vote durch @investinthefutur verdient!
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Financial education should be given to children at school in the same way that it is done with other subjects, but I think that governments are not too interested in it. That would make them lose much of their power over societies.

It's a major problem, I think, that personal finance is not taught in middle and high schools in the US. I don't know about other countries.

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@silversaver888 denkt du hast ein Vote durch @investinthefutur verdient!
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This is really an excellent post which I was able to learn a lot

Thank you, @royalevidence. We learn together in Hive!

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I've got some debt I still need to pay off... It isn't too much just medical debt. In due time I'll have everything paid off.

Yay!!! CONGRATULATIONS! Soon you would have paid that medical debt off!
When I started years ago, I had debt and no emergency fund. I had to take care of the emergency fund first by selling what I don't need. When I had the minimum emergency fund, I tackled my revolving credit card debt. It took two years of not buying anything. THANK GOD, I'm fine now! And you will be as well!

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I cut Cable over ten years ago. I'm hardly still enough to sit through any show that is decent quality anyway. And a land phone line? What for if you have a cell? Savings can be found.

Always, with love 🤗🌺❤️

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If we look hard enough, we can find savings. If there is really nothing that we can save on, it's time to tighten belts and be creative in the kitchen. And find other sources of second or third income.
Hugs and kisses 🤗
!LADY 😍🌺🤙

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How are you dear friend @silversaver888 good morning
Excellent post, you say very true things and give very good advice, I really appreciate it
have a beautiful weekend

Hello @jlufer, happy Friday!
I can only share what has worked for me... and yes, I stopped buying clothes for two years, because I had to. I know that it works when you have to make money available for savings!

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That's so true, I make a lot of drinks myself. I mean Starbucks charged $5 for one coffee, that's so expensive !

I am a coffee drinker. I used to go to Starbucks every morning before going to work. Now, I make my own coffee, and buy silver with the money, hehehe.

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You are so very correct @silversaver888, neither my school nor my parents taught me about finances....
I remember when they encouraged everyone to go get credit cards as soon as you finished high school!🙄
A good step forward in learning how to pay bills, a big step backward when it came to saving.....
Most people ran the credit cards up to the max, this was held the world worked so sad.......

Ding, ding!!! That is manipulation right there. Poor high schoolers, didn't know what was good for them... they spent beyond their means... and the roller-coaster began!🙄
A step in learning how to pay a bill? Nah, that was a farce reasoning, @silvertop!

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So very true @silversaver888 , the longer I live the more I realize that much of the world of money/ finance, is skewed to manipulate you to spend beyond your means..........🙄🤔

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Actually i really do not spend much. I see no need to show my average wealth nor to wear new fashian every month. I am confident the way it is. The only money sink is that i have kids :D. But well this is accepted ;) !LADY

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There you go! GREAT!!!
!LADY 😍🌺🤙

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Ms. Saver @silversaver888


It's great to hear from young blood!
He is right in saying that if a disastrous event should occur, there simply won't be any silver or gold available. Physical gold and silver are such a small portion of money!

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At Least Ms. Saver has Her Portion..........


I have kleptomania.
When it gets bad I have to take something for it.

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We all have our choices when it comes to financial independence but we should make sure to choose rightly to secure a future for ourselves. It's important we go back to the basics of finance because no one taught or will teach us in school.

I gather it is the same situation in your country as in the US— personal finance is not taught in middle and high schools!
I believe it should!
!LADY 😍🌺🤙

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It wasn't taught at all and it's something that should be taught to have an idea of how to manage money wisely.

"Weel said Lass! O' coorse oan th' mighty Frigate Silverton, we teach uir crew everdays aboot th' importance o' savin' silvers!" 😉 -Keptin

I know that you save, @joshuaslane, hehehe!😉

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