Here's Why Being Financial Literate Is Important
With all the inflation rates and sudden challenges to achieving financial freedom, you may be thinking about the importance of being financial literate. There are benefits to your current and future finances if you would truly understand the essence of knowing how to manage your money, income, and expenses.
It is a powerful tool to survive nowadays, especially with the crisis arising from low salary rates but the too expensive cost of living. If the current situation would not convince you to be financially literate, I prepared some benefits you will love to hear and know.
You have complete control of your money.
People would agree that we sometimes let money control us, but holding on to financial literacy would change the game. You can manage your finances completely, which will make you feel confident. Also, you can decide what to do with your money instead of letting it use you as a puppet. You will have better thinking about your financial status as well.
You can avoid debt.
I have seen how debt crumples people recently. The generation faces too much from this hurdle, but being financially literate can help you understand how debt and interest rates work. You can also avoid debt disasters by knowing how to handle or manage your plans.
You will value financial goals.
One of the lovely things you can do to be financially literate is to give value to your financial goals. It is time to look for a good investment plan and be attentive to your savings. Sometimes people set aside saving money, but it is also another way of managing your finances well. It is for emergencies and also to get ready for what is yet to come in the future. It would be best to invest and save as early as possible.
Author's Note:
I learned many life lessons along the way, especially about finances, since I grew up with an average life. It is my motivation to be more responsible. Months ago, I told my parents to open a bank account and save some of their earnings. You may not know, but my parents trusted me so much, until now that I am taking Financial Management as my course.
They listened to me when I explained the incredible thing of saving money: they will not have any monthly pension someday. And I feel grateful whenever my Mama shows the amount of money they already saved. She randomly reports the status of their savings account to me, maybe to tell me that they listened to me and making progress. I do not write topics for content only, but I apply these things I share here in real life. And nothing is more fulfilling than knowing that I enlightened people through my words, especially my parents.
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