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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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WHAT IS FINANCIAL LITERACY AND WHY IS IT IMPORTANT?
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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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  • Dr Sikhulile Moyo named to TIME’s annual TIME100 list of the 100 most influential people in the worldMay 23, 2022
    TIME  has  named  Dr  Sikhulile  Moyo  to  the  2022 TIME100, its annual list of the 100 most influential people in the world. Dr. Moyo is the Research Laboratory Director at the Botswana Harvard AIDS Institute Partnership (BHP), a health […]
  • VACANCIES: BR PropertiesMay 17, 2022
    INTERNSHIP OPPORTUNITY Finance and Administration Closing date: 18th May 2022.
  • BANANA CLUB HOSTS FIRST MAUN EDITIONMay 17, 2022
    The artist-led collective, Banana Emoji Productions in collaboration with the European Union Delegation in Botswana hosted the beloved BANANA CLUB dialogues in Maun on the 14th of May 2022.  The multi-disciplinary creative group is committed to working with artists […]
  • Orange Botswana CEO among Africa’s most inspirational women in leadershipMay 12, 2022
    – Declares House of Rose House of Rose Professional Pte. Ltd (HORP) has announced its 2022 List of Africa’s Most Inspirational Women in Leadership. The list included over 100 inspirational leaders and was curated by House of Rose Professional […]
  • Unions ‘consider’ a Workers PartyMay 12, 2022
    Masisi snubbed trade unions on Workers Day, chose Khawa BOFEPUSU warn Masisi that Khawa could cost him elections Opposition will be top beneficiary of a Workers Party -Analyst BAKANG TIRO editors@thepatriot.co.bw Aggrieved trade union federation, Botswana Federation of Public, […]
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