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While Florida recently started requiring high school students to take financial literacy courses, most school systems around the country don’t typically require personal finance classes to graduate. In 2018 only 16.4% of high school students in the country were required to take financial literacy courses. It’s not surprising that Americans generally don’t score high in financial literacy. It’s never too late or early to start learning about managing money. Building good habits will go a long way to supporting a solid financial future.
Knowledge of finance is more important than most people presume. It goes beyond basic knowledge of numerical addition and subtraction and can even affect people emotionally and mentally. Lack of financial literacy is why many students take on college debt without fully understanding the ramifications.
A solid financial education can help you create a suitable plan and budget for your income. It helps you avoid the impending emotional and mental turmoil that comes with inappropriate spending.
The good news is it's never too late to learn. Start with the basics of finance and build from there. Let's work through the basics and examine the foundational steps to making informed financial decisions. Here are some of the best ways to learn about money at any age.
Start with the basics of finance
There are four key steps to becoming financially literate;
1. Adjust your money mindset
This is an important factor in successfully learning about money and managing finance.
A money mindset is an overarching perspective you possess regarding money. It influences the important financial decisions you make every day. It can also significantly affect your capacity to carry out your objectives. If you adjust your perspective on money, you'll probably choose more effective solutions to problems.
You need to have the right mentality/mindset toward money. That is what will make you prioritize your finances and dedicate time to making deliberate changes. Understanding the importance of good financial health and making deliberate efforts to improve it will require a positive money mindset.
Having achievable financial goals paired with the right money mindset will help keep you away from wasteful spending and unhealthy financial decisions.
2. Start a budget
Without the presence of a budget, you might be caught up in a roller coaster of expenses and debts. The key is to plan for your expenses based on your income. And never try to live beyond your means in the process, instead implement a lifestyle that requires reduced spending.
3. Create financial goals
If you want to learn about money, you need to ask yourself why. What do you stand to gain from finance literacy? What changes do you want to make finance-wise? The answers to these questions serve as your financial goals. It might be difficult to know where you should begin learning without these goals.
The more you understand these goals, the more reasons you have to keep up with the work it takes to learn, and the more motivated you are to keep pressing forward.
4.Keep track of your money
Now that you have your goals set, the next best way to learn about money is to track your finances. Have a place where you record and analyze your finances, salaries, savings, maybe income you made from freelance jobs or cash gifts, investments, and your expenses. Your bank or credit union might offer free money management tools as part of your online or mobile banking experience.
With this data down in one place, you can start by drawing up a personal budget. It will help you readjust your goals. And you also want to look for ways to trim your expenses. Cut off excesses and unnecessary expenses.
How to learn more about money
Here are a few ways you can learn more about money;
Read books and blogs related to your financial goals
This is one of the best ways to learn about money because it involves reading and assimilating information on money. You might be thinking 'that's a very boring activity to do, but are you aware that there are fascinating books and blogs that make it easier and more straightforward to learn the subject of money?
Listen to podcasts or watch YouTube videos
If reading isn’t your thing, there are several experts that produce podcasts and YouTube videos on a bunch of financial topics.
However, like any advice, you shouldn't just follow them hook, line, and sinker. Not everyone is an expert like they claim so make sure to do your research and find someone with proven results. You can learn tips that you can adjust to fit into your preferences and personal goals. In today’s world, podcasts and videos are two of the best ways to learn about money and how finance works.
Use money tools like apps
There are many free apps that help you effectively manage money, follow and stick to a budget, keep a record of your cash flow, and save. These tools come in handy to assist you in making better decisions regarding your finances. Again, start with your bank or credit union. A lot of them will already have these tools integrated as part of your online or mobile banking experiences.
Conclusion
Now that you've seen some of the best ways to learn about money, we hope you're better informed, and on the path to making the right financial decisions.
If you need help with budgeting, consolidating expenses or just have more questions on financial literacy, you can always visit one of our branches or contact us. One of our trusted advisors will be happy to help in anyway that we can.
While Florida recently started requiring high school students to take financial literacy courses, most school systems around the country don’t typically require personal finance classes to graduate. In 2018 only 16.4% of high school students in the country were required to take financial literacy courses. It’s not surprising that Americans generally don’t score high in financial literacy. It’s never too late or early to start learning about managing money. Building good habits will go a long way to supporting a solid financial future.
Knowledge of finance is more important than most people presume. It goes beyond basic knowledge of numerical addition and subtraction and can even affect people emotionally and mentally. Lack of financial literacy is why many students take on college debt without fully understanding the ramifications.
A solid financial education can help you create a suitable plan and budget for your income. It helps you avoid the impending emotional and mental turmoil that comes with inappropriate spending.
The good news is it's never too late to learn. Start with the basics of finance and build from there. Let's work through the basics and examine the foundational steps to making informed financial decisions. Here are some of the best ways to learn about money at any age.
Start with the basics of finance
There are four key steps to becoming financially literate;
1. Adjust your money mindset
This is an important factor in successfully learning about money and managing finance.
A money mindset is an overarching perspective you possess regarding money. It influences the important financial decisions you make every day. It can also significantly affect your capacity to carry out your objectives. If you adjust your perspective on money, you'll probably choose more effective solutions to problems.
You need to have the right mentality/mindset toward money. That is what will make you prioritize your finances and dedicate time to making deliberate changes. Understanding the importance of good financial health and making deliberate efforts to improve it will require a positive money mindset.
Having achievable financial goals paired with the right money mindset will help keep you away from wasteful spending and unhealthy financial decisions.
2. Start a budget
Without the presence of a budget, you might be caught up in a roller coaster of expenses and debts. The key is to plan for your expenses based on your income. And never try to live beyond your means in the process, instead implement a lifestyle that requires reduced spending.
3. Create financial goals
If you want to learn about money, you need to ask yourself why. What do you stand to gain from finance literacy? What changes do you want to make finance-wise? The answers to these questions serve as your financial goals. It might be difficult to know where you should begin learning without these goals.
The more you understand these goals, the more reasons you have to keep up with the work it takes to learn, and the more motivated you are to keep pressing forward.
4.Keep track of your money
Now that you have your goals set, the next best way to learn about money is to track your finances. Have a place where you record and analyze your finances, salaries, savings, maybe income you made from freelance jobs or cash gifts, investments, and your expenses. Your bank or credit union might offer free money management tools as part of your online or mobile banking experience.
With this data down in one place, you can start by drawing up a personal budget. It will help you readjust your goals. And you also want to look for ways to trim your expenses. Cut off excesses and unnecessary expenses.
How to learn more about money
Here are a few ways you can learn more about money;
Read books and blogs related to your financial goals
This is one of the best ways to learn about money because it involves reading and assimilating information on money. You might be thinking 'that's a very boring activity to do, but are you aware that there are fascinating books and blogs that make it easier and more straightforward to learn the subject of money?
Listen to podcasts or watch YouTube videos
If reading isn’t your thing, there are several experts that produce podcasts and YouTube videos on a bunch of financial topics.
However, like any advice, you shouldn't just follow them hook, line, and sinker. Not everyone is an expert like they claim so make sure to do your research and find someone with proven results. You can learn tips that you can adjust to fit into your preferences and personal goals. In today’s world, podcasts and videos are two of the best ways to learn about money and how finance works.
Use money tools like apps
There are many free apps that help you effectively manage money, follow and stick to a budget, keep a record of your cash flow, and save. These tools come in handy to assist you in making better decisions regarding your finances. Again, start with your bank or credit union. A lot of them will already have these tools integrated as part of your online or mobile banking experiences.
Conclusion
Now that you've seen some of the best ways to learn about money, we hope you're better informed, and on the path to making the right financial decisions.
If you need help with budgeting, consolidating expenses or just have more questions on financial literacy, you can always visit one of our branches or contact us. One of our trusted advisors will be happy to help in anyway that we can.