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Financial Literacy

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Top reasons to know become financially literate Financial literacy is the seamless mix of finances, credit and debt management and the knowledge that is essential to make financially sound decisions – decisions that are vital to our daily lives. Financial literacy includes understanding how a checking account works, a credit card versus a debit card, and how to avoid debt. In sum, financial literacy impacts the daily issues an average family makes when trying to balance a budget, buy a home, fund the children’s education and ensure an income at retirement. Do you balance your bank account? Checks are fast disappearing and electronic credits and debits make it harder individuals to manage their finances and almost unbearable for anyone who is not financially literate. A rule of thumb to remember- Your expenses should ALWAYS be less than your income/cash. A lack of financial literacy is not a problem only in emerging developing economies. Consumers in developed or advance
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Benefits of Reduced Debt

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If you set a goal to reduce your debt in January, you are not alone. According to a study by Nerdwallet, more than 40% of Citizens have this goal in sight. Strategically paying off debt benefits your health and wellbeing tremendously, and can positively impact your bargaining power.  Benefits of reduced debt: 1)Reduce Stress 2)Improve your Credit Score 3)Easily pay an unexpected bill 4)Increase disposable Income 5)Boost your retirement Income 6)Model good financial habits to others - Children, Friends etc. 7) Engage in Philanthropic engagement 8)Improved health and well being Create a Debt-Free Plan with these steps: 1) Honest Reflection 2) Create an accurate overview of your debt 3) Decide which debt to pay off first (List in order of importance or aging) 4) Automate your payments to make it easier and consistent 5) Avoid incurring more debt while paying another off  
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