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The Patriot on Sunday

The Patriot on Sunday

A Sunday broadsheet newspaper that focuses on business and politics. It started publishing on Sunday

The Patriot on Sunday

20 hours ago

The Patriot on Sunday
MIKE MOTHIBI AT HIS FINAL RESTING PLACEMultitudes of people attended Veteran journalist Mike Mothibi's funeral in Kanye this morning, with speakers proclaiming the good hard working man he was.He leaves behind three children, one boy and two girls and six siblings - four brothers and two sisters. ... See MoreSee Less

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The Patriot on Sunday

21 hours ago

The Patriot on Sunday
Who will be on the Court of Appeal bench to hear & determine IEC appeal against UDC? *ADAM PHETLHE It is generally agreed that the case between Umbrella for Democratic Change (UDC) and the Independent Electoral Commission (IEC) is that of exceptional public importance. As a consequence, the case has so far generated a lot of public interest in terms of looking at all its optics. I predict exceptional public interest will continue way beyond the conclusion of the case. So who amongst the present Justices of Appeal will make the cut? It is difficult to say with a measure of certainty who will make the cut but to predict. Depending on the number of Justices required for this expedited appeal, I predict the following to make the cut. Justices Tebogo Tau, Isaac Lesetedi, Mercy Garekwe, Lackvinder Singh & Leatile Dambe. Former South Africa Constititional Court Justice Bess Nkabinde could also make the cut. All the above local Justices have sat on the bench in high profile cases notably last year's DIS appeal with respect to the search warrant for State House 4, the 'contested' official residence of former President Khama. In this case where there were 5 Justices, Justices Tau, Lesetedi & Singh ruled against the DIS while Justices Garekwe & Dambe dissented. It is my belief that Justices decide matters based on what evidence/facts are before them. That some ruled this or the other way in previous cases is, for lack of a better word, inconsequential. The Chief Justice has sat on some appeal cases I have had sight of. I think he will be disqualified in this one because he is party to an application on another leg of the UDC/IEC case. It will be interesting to see if Justice Tau will make the cut owing to a comment she made when delivering judgement on Wednesday with respect to IEC's request to have its appeal expedited. That comment (and I am paraphrasing) had to do with the intrusive nature UDC’s observers would cause if allowed to observe & monitor voter registration exercise. I believe this comment has already rendered her conflicted to sit in the upcoming appeal proceedings. Time will tell as to who will be on the bench when the appeal proceedings begin on Monday 11 December 2023. Or, will it be new faces? ... See MoreSee Less

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The Patriot on Sunday

23 hours ago

The Patriot on Sunday
#Available IN STORES #grabyourcopy #frontpagethisweek Main Headline: KHAMA OR BOKO?♦️ BPF prefers Khama as UDC chief campaigner FOR A DETAILED REPORT GRAB A COPY OF THE PATRIOT ON SUNDAY NEWSPAPER IN STORES OR FOR SUBSCRIPTION VISIT: www.thepatriot.co.bw ... See MoreSee Less

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The Patriot on Sunday was live.

2 days ago

The Patriot on Sunday
5TH KUSI IDEAS FESTIVAL UNDERWAY AT ROYAL ARIA IN TLOKWENG.#ikanyerona#mindsetchange#kgasoyapopota ... See MoreSee Less

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The Patriot on Sunday

2 days ago

The Patriot on Sunday
Good bye MikeMesh Moeti bids his friend Mike Mothibi farewell. ... See MoreSee Less

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WHAT IS FINANCIAL LITERACY AND WHY IS IT IMPORTANT?

patriot by patriot
April 25, 2022
in Business
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Being a responsible lender, we, at ExpressCredit, feel it’s our job to share with our clients and a wider community everything we know about finance and managing money.

Unfortunately, these essential topics are rarely covered at school. It takes some learning, practice and trying it on your own to get good at it.

So, the first question that comes to mind is “What is financial literacy?”

Financial literacy is the ability to understand the pros and cons of money-related decisions, weigh the costs, and make confident and informed choices.

We all know that retail is facilitated by credit. It is a normal practice for most of us to borrow money to finance our current and longer-term needs. We borrow money in form of student loans, credit cards and different consumer loans to cover emergency expenses or finance significant investments like land, home, or car…

The truth is that, like many other things, a healthy financial future requires time, patience, research and some education.

For example, a financially literate person knows, if they take home P5,500 per month, they cannot spend more than P5,500 each month without going into debt. Someone with a better understanding of finances might be familiar with the 50/30/20 budgeting rule (spend 50% on your needs, 30% on your wants and save 20% of your income) and aim to set aside P1,100 per month for unexpected expenses or holidays.

Hopefully, by now you have an idea of what financial literacy is and why it is so important. Now is the time to take the first steps and start learning the skills for building a better financial future.

MAKE A COMMITMENT

By now, you know that your actions and your attitude towards money is what drives your habits. Firstly, you need to make a realistic commitment to yourself and your family to make sound financial decisions. You should turn it into a habit. In other words, you shouldn’t adopt a budget and stick to it for one month only. To make it work, the commitment shall be longer-term.

ASSESS YOUR FINANCIAL SITUATION

Examine all your finances ─ from your earnings and savings to spendings and borrowings. It will help you to understand your financial decisions and think of ways to take control over and improve. It is important to be as open and honest with yourself as possible as. This assessment is a very crucial step, see it as a fundament brick for your financial literacy journey.  

CLEAN OUT YOUR FINANCIAL CLUTTER 

You need to eliminate the clutter so you can focus on improving your financial situation. Get a notebook, create an Excel spreadsheet or download an app where you can organise and re-group all your outgoings. Once listed, go through all the items – you might notice you have subscribed for services you don’t really use or even conclude of spending too much on nice to have items.

And don’t forget, if you need help on the way, ExpressCredit is here for you!

More articles will follow.

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