How To Become Financially Literate
posted on Nov 16, 2020 | 544 likes
Can you say you are financially literate?
Financial literacy is a set of skills and knowledge that allows someone to make informed and effective decisions with their finances.
According to a report published by PwC, there is a 31.1% financial illiteracy rate in urban areas in Nigeria, while the number is as high as 68.5% in rural areas.
These individuals lack the basic skills to manage their bank accounts, pay bills on time, pay off debt and plan for the future.
How Can You Become Financially Literate?
This part may be a bit easier said than done but if you make an effort it has the possibility to transform your life for the better.
Stop ignoring your financial standing and start off by taking a deeper look into your finance. They don’t have to be perfect but starting now will put you on a better path to financial independence.
Understand Budgeting – Make a Great One
First, you’ll need to calculate current budget on how much you earn and how much you’re spending right now.
If you are living above your means, adjust this budget to something you can realistically stick to without overspending.
Becoming financially literate means that you are able to stick to a budget, while saving for the future, paying down debt and delaying gratification.
Learn more about how to craft a perfect budget in a recent post on our blog.
Understand Loans – Only Take What You Can Repay
A loan is not a gift, it’s an obligation that must be fulfilled.
Taking out a loan to sort pressing issues isn’t a bad idea, in fact, we’ve helped a lot of people to achieve their dreams with our quick and easy loans.
However, saving up for big goals might be a better idea in some case, If you have to borrow, make sure that you are not borrowing what you need, but what you can repay.
Prepare For Emergencies
People who understand financial literacy know the importance of an emergency fund.
They are prepared for the unexpected and know that without one they could end up in a bad situation.
Life has many unexpected events and having a backup is the best way to deal with them.
If your earnings are not adequately taking care of your needs, making it difficult to set aside sufficient funds for emergency, having a good relationship with a trustworthy Financial services provider like Page Financials can also serve as your emergency source.
In less than 3 hours, you can access up to N2.5 Million to solve any emergency – once you qualify.
Financial literacy enables people to understand what is needed to achieve a lifestyle that is financially balanced, sustainable, ethical and responsible.
If you are a salary earner, Financial Literacy helps you make the most of your salary while planning for a more settling future.
Now is a good time to take your financial literacy more serious and we can help you get started. Call 017007234 to speak with our financial experts who will guide you on how to proceed.