Global Fin X

Enter the World of Finance.

Whether you are a noob, novice, or pro in Finance, we have got you covered. You can learn everything about the Finance world from the beginning. Just stay tuned for our updates. 

Our Team Includes

Subject Matter Experts

finance
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Finance Enthusiasts

Why is financial literacy important for you?

Financial literacy is important because it equips one with the knowledge and skill to manage money effectively. Without financial literacy, the actions and decisions one make or do not make with respect to savings and investments would lack a strong foundation.

Financial literacy helps in understanding financial concepts better and enables one to manage their finances efficiently. Furthermore, it helps in effective money management, making financial decisions, and achieving financial stability.

Moreover, financial literacy provides in depth knowledge of financial education and various strategies that are indispensable for financial growth and success. Also, it enables one to be debt free by adopting the best debt strategies.

Understanding the four components of financial literacy better.

Budgeting is an essential life skill that helps in acquiring financial knowledge for planning and managing money. It is one of the most important components of financial literacy. It is necessary to keep a tab on one’s spending habits. Optimal money management will help in creating an actionable financial plan.

The actionable plan will help in tracking the expenses, segregating the unnecessary ones and help in spending money wisely.  This way, one can save more. The thumb rule for budgeting is that income has to be greater than the expenses. The difference between the two (income and expenses) is what helps in stashing up as savings.

Budgeting helps in planning for short, medium and long term expenses. It enables individuals to save accordingly. Hence, one doesn’t require to compromise on any of their goals. Therefore, budgeting is vital for financial security and independence.

Debt is nothing but one’s borrowing. One is spending money that isn’t theirs. For example, if an individual borrows money from the bank or uses a credit card or takes a short term loan. All these become part of the debt.

Mostly, debt is perceived in a negative aspect. Which makes understanding debt very important. However, not everyone can buy a house or car or pay tuition fees with cash. In such scenarios borrowing or taking a loan is the only way out. But the most important thing is to differentiate between good debt and bad debt. Also, one should always aim to avoid bad debt as much as possible. This is the basics of debt management. 

Good debt is borrowing money for things that are necessary for making a living. For example, buying a home or paying education expenses. On the other hand, bad debt is borrowing money for unnecessary expenses. For example, using a credit card to buy expensive clothes or electronic gadgets, etc.

Therefore, being able to differentiate between necessary and unnecessary expenses will help an individual from not drowning in heavy debts.

Saving ensures financial wellness, a secure present and an uncompromised future. One can build wealth in the long term through proper financial planning.  Keeping a tab on one’s spending habits will help in saving money. Therefore, through savings, one can easily achieve the following:

Achieve important financial goals. For example, full payment of a home loan, kid’s education, and retirement savings.

Create an emergency fund. An emergency fund acts as a cushion during unexpected life events. The fund should have at least six months worth one’s income.

Inculcate financial discipline. Through saving money regularly, one can achieve financial discipline and excel in their life.

Instead of holding the money idle in a bank account, one can divert it to financial instruments. Investing is all about generating and growing wealth to enjoy a secure and happy future. It is all about putting money in an avenue that will help in generating significant returns over time. Investments will help in generating additional monthly income and significant returns.

One can also achieve their financial goals at the same time allocate funds towards retirement saving. Some of the widely used investment options are equities, debt instruments, mutual funds, real estate, and gold.

Therefore, becoming financially literate will help in:

  • Building wealth
  • Protecting oneself in case of emergencies
  • Achieving goals
  • Securing one’s family future
  • Retirement planning
  • Lead a stress free life

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