Money makes the world go round and that’s a fact. We use money to travel, have fun, communicate, and pay for our homes, food, education, healthcare, and all the other goods and services that we need in our lives. So, money might not bring happiness, but it’s indispensable to making life run smoothly. Whether you’re an entrepreneur looking to drive business success or you’re a simple employee who wants to make the most of his income and manage money with more confidence, becoming financially literate is important for everyone.
Unfortunately, not everyone has a diploma in economics or is financially savvy. That’s why so many people have a hard time calculating their taxes, understanding how mortgage and interest rates work, making investment decisions, or simply managing their finances properly.
Statistics show that only 33% of adults worldwide are financially literate. This means that globally just one in three adults have an understanding of basic financial concepts. If you’re still struggling in this area, you are not the only one. The good news is that nowadays, you have a wealth of resources at your disposal that can help you get educated on financial matters and finally become financially literate. It will take some time and effort to get there, but you have all the tools at your fingertips. So, here are x ways to boost your financial literacy and create better money habits in the future.
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The best time to start your financial education is now
A lot of people get discouraged by the amount of information they have to accumulate in order to improve their financial knowledge. That’s why many of them tend to leave this task for later when they have more time to focus on financial-related matters. But in the fast-paced world we live in, we never seem to have enough time to do anything, so financial education always gets put on the back burner.
If you want to turn things around and become financially savvy, now’s as good a time as any to start your education. If you wait for the right moment, you might wait forever. Remember, the sooner you start learning, the sooner you’ll improve your financial confidence.
Take advantage of government resources
If you never had to access government resources until now, you probably don’t know that each country has special programs, events, and websites that allow citizens to access information on financial-related topics that are of interest to them.
Governments provide relevant guides, statistics, studies, articles, and other types of resources that can help you get educated on a variety of financial topics. You can even search for grants and education programs that can prove useful for achieving financial security. Besides, you can always trust the information provided by government bodies to be accurate and reliable.
Read some books
In the age of the internet, this might sound like such old-school advice, but you should never underestimate the power and importance of books in the learning process. One of the biggest advantages that books provide is that they allow you to learn at your own pace and go over the concepts that you’re trying to grasp as many times as necessary.
It’s also very easy to find great books on any financial topic under the sun, as most libraries have vast collections to choose from. And if you find it easy to learn by reading, you can always consult some financial magazines and newspapers to help you advance your knowledge in this area.
Search for reliable online resources
If reading books is not exactly your cup of tea, you can always turn to the almighty internet for help. The online environment is packed with resources providing detailed information on any financial subject that might interest you, from how to apply for instant loans in Canada, or how to finance your business to accounting and invoicing advice from reputable professionals.
However, you should only access high-authority sites that are completely safe and trustworthy if you want to avoid unpleasant experiences. So, stay away from websites that promote get rich in x weeks/months schemes, as they are obviously nothing more than scams.
Use financial tools
You can find something else on the internet to boost your financial literacy and manage your money with ease: financial tools. Gone are the days when one had to rely on a pen and paper to make complicated calculations and take charge of their finances.
Nowadays, you have plenty of tools available to do the heavy lifting for you such as budget spreadsheets or printables, debt payoff calculators, automatic bill pay services, a paystub generator that creates pay stubs using paystub template forms, and so on. You can always take advantage of more advanced tools like payroll management systems, cash flow analysis tools, or accounting software if you have a business to run. Regardless of your purpose, financial tools can make your life a lot easier.
Take an online course
For those of you who want to take a more modern approach to financial education, online courses are a great option. The level of knowledge is not important, as you’ll find countless online courses for all levels. All you have to do is be eager to learn and put in some effort.
The best thing about online courses is the great variety of subjects that you can choose from and the possibility to attend classes regardless of your physical location. What’s more, if you’re on a tight budget, you also have the possibility to take free finance courses. A quick search on Google will help you find the best free online courses you can choose from.
Work with a financial coach or wealth advisor
Finally, if you think that you need some extra help to complete and perfect your financial education and make smart money decisions, you can look for a financial coach or wealth advisor. An experienced professional in the field can provide the guidance, support, and information you require to achieve a higher level of financial literacy and make smart money decisions.
As you can see, you can become financially literate at any age, as long as you have the willingness and determination to expand your knowledge.