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Achieving financial literacy can help individuals avoid making poor financial decisions and help them become self-suffic...
28/09/2022

Achieving financial literacy can help individuals avoid making poor financial decisions and help them become self-sufficient and achieve financial stability. Key steps to attaining financial literacy include learning how to create a budget, track spending, pay off debt, and plan for retirement. Educating yourself on these topics also involves learning how money works, setting and achieving financial goals, becoming aware of unethical/discriminatory financial practices, and managing financial challenges that life throws your way.

27/09/2022

How do I create a budget?
Budgeting starts with tracking how much money you receive every month, minus how much money you spend every month. You can do this in an Excel sheet, on paper, or in a budgeting app—it’s up to you. However you track your budget, clearly lay out the following:

Income: List all sources of money that you receive in a month, with the dollar amount. This can include paychecks, investment income, alimony, settlements, and money that you make from side jobs or other projects, such as selling crafts.
Expenses: List every purchase that you make in a month, split into two categories: fixed expenses and discretionary spending. If you can’t remember where you’re spending money, review your bank statements, credit card statements, and brokerage account statements. Fixed expenses are the purchases that you must make every month. Their amounts don’t change (or change very little) and are considered essential. They include rent/mortgage payments, loan payments, and utilities. Discretionary spending is the category for nonessential or varying purchases for things like restaurant meals, shopping, clothes, and travel. Consider them wants rather than needs.
Savings: Record the amount of money that you’re able to save each month, whether it’s in cash, cash deposited into a bank account, or money that you add to an investment account or retirement account like an IRA or 401(k) if your employer offers one.

Banking, budgeting, saving, credit, debt, and investing are the pillars that underpin most of the financial decisions th...
27/09/2022

Banking, budgeting, saving, credit, debt, and investing are the pillars that underpin most of the financial decisions that we’ll make in our lives. At Investopedia, we have more than 30,000 articles, terms, FAQs, and videos that explore these topics, and we’ve spent more than 20 years building and improving our resources to help you make smart financial and investing decisions.

We know that the earlier you learn the basics of how money works, the more confident and successful you’ll be with your ...
26/09/2022

We know that the earlier you learn the basics of how money works, the more confident and successful you’ll be with your finances later in life. It’s never too late to start learning, but it pays to have a head start. The first steps into the world of money start with education.

Now that you have a clear picture of money coming in, money going out, and money saved, you can identify which expenses ...
25/09/2022

Now that you have a clear picture of money coming in, money going out, and money saved, you can identify which expenses you can cut back on if necessary. Subtract your expenses from your total income to get the amount of money you have left at the end of the month. If you don’t already have one, put your extra money into an emergency fund until you’ve saved three to six months’ worth of expenses in case of a job loss or other emergency. Don’t use this money for discretionary spending. The key is to keep it safe and grow it for times when your income decreases or stops.

When you think of a bank, you probably picture a building. This is called a brick-and-mortar bank. Many brick-and-mortar...
24/09/2022

When you think of a bank, you probably picture a building. This is called a brick-and-mortar bank. Many brick-and-mortar banks also allow you to open accounts and manage your money online.

Some banks are only online and have no physical buildings. These banks typically offer the same services as brick-and-mortar banks, aside from the ability to visit them in person.

Bank accounts are typically the first financial account that you’ll open and are necessary for major purchases and life ...
23/09/2022

Bank accounts are typically the first financial account that you’ll open and are necessary for major purchases and life events. Here’s a breakdown of which bank accounts you should consider and why they are step one in creating a stable financial future.

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