Financial literacy is a thing that is not talked about pretty much in school but we are glad for the teachings we can get on YouTube and other channels where those with prior experience share their knowledge on the issue of financial literacy. Financial literacy is highly necessary because it helps us make more great decisions that will at the long run lead us towards the achievement of our financial goal.
We are going to have an ever-increasing budget to spend on, the need to pay house rent, get insurance, pay electricity bills, bills for transportation and other necessary bills that cannot be ignored will always come up, financial education is needed to guide us through meeting up with our regular needs in the best way possible and still having something as reserve while there is a focus on growth. Managing our expenses even on the things that appear to be really important, will guide us through to climbing up the financial ladder we desire.
Try your best to stay away from high interest debt, high interest debts are usually easy to acquire but they are also the most draining debt that could ever exist, realizing how much this high interest debt could quickly deny us of having that sustainable financial life will go a long way in helping us control our finance.
It is really easy to desire a certain lifestyle even when you know that at the moment you will not be able to maintain such lifestyle, self-control is highly needed even when you want to sustain a good financial life, delayed gratification is highly important when you want to live up to the financial standard you desire. If you cannot completely afford a luxurious lifestyle then go back to building your life until you are completely able to afford it.
The one reason why we need to cut down expenses is because we want to have some extra money for ourselves, it is then going to be a waste of effort when we eventually spend the money on things that seem irrelevant at the end and then the sacrifice is not worth it. When we cut down expenses, the extra money we have needs to be placed in a profitable venture.
A good thing to do with extra funds is to place it in an emergency fund, setting up an emergency fund is a good way to set aside extra funds. Emergency funds will turn out to become a great assistant when needed and by that time we will be glad that we made the required sacrifice.
Hello friend, certainly in schools we are not taught to be free financially, on the contrary, but today we know that it is something that can be achieved and obtained by our own means. If we want to have a good income in the future I think we must make certain sacrifices, nothing in this one comes easy and in order to enjoy that comfortable life we must be more intelligent.
I agree, thanks for reading friend.
Greetings friend, excellent advice, I liked the figure of the emergency fund, is a good way to spend objectively our additional resources on things we really need such as health.
So long friend have a great week !🤝
Thanks friend have a great week too
@tipu curate
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Emergency funds sounds interesting actually. But many just don't believe in keeping their liquid somewhere idle. The point is just that, if expenses can be cut down, and unnecessary spending is avoided, then the fund can simple go somewhere profitable. I think that will be a huge assistance to our financial life. Financial knowledge is essential as you have said my friend. Thanks for sharing
Thank you friend the whole point is to actually cut down spending expenses and use the extra funds for something better.
Hi @ojerinde
You are right, in school they do not teach finance, however they always teach math and that is the fundamental basis for finance but on the other hand despite knowing math you always need something that you do not have many people and it makes sense to use math well in finance so you can see the results of how to use your money very well.
Maths is also very important too thanks for reading.