Finance

Top 5 ways to improve your financial literacy – A few things you need to know

Financial Literacy plays a major role in one's life. Having the right dose of financial literacy will transform into better financial fitness.

Do you think you possess enough of financial literacy, or do you rate yourself financially illiterate? If you believe you belong to the second category – don’t worry, you aren’t alone. Most of us struggle to try to understand financial matters and attempting to improve our financial health. However, several options can help you enhance the level of your financial literacy and let you attain financial freedom.

financial literacy

Becoming a financial literate cannot come to you in a day. It cannot be achieved by reading a few articles like this or going through a few books. It is an ongoing process and getting the right sort of financial fitness can take a while.

Here are a few tips to help you attain a fair degree of financial literacy and thereby attain a real financial freedom.

#1 Read as much news as you can

Books on financial matters can be quite substantial. However, reading newspapers and magazines dedicated to finance can also be quite useful. Those magazines give you an idea of the real-time scenario, while the books provide theoretical information.

Publications such as Barron’sFortuneForbes, and Money area few good examples from that point of view. You can also refer to the websites dedicated to finance, and similar matters can also be a great choice. A few good examples are ,

#2 Check out Financial Management Tools

We are living in a technology age, and that has provided us with enough of options in terms of the best possible tech gadgets. Attach a finance management tool to your accounts. That way, you do not necessarily need to do anything hard to manage your finances. These tools offer an excellent help and recommendations based on your budgetary conditions.

    and similar other options can be an excellent tool for effectively managing your finances and help you achieve a more significant deal of financial fitness. Besides letting you manage your finances., these tools can also double up as the best learning options through their blog sections.

#3 Take up a financial literacy course

Taking up a financial literacy course is yet another excellent option to enhance the level of your financial health. You can choose an online course, an adult education option or even a regular course depending on the work schedule you may have. You can also consider a few self-help books that try achieving the same goal of providing you with financial freedom.

These courses can go a long way in improving your financial confidence and opt for confident financial solutions. You can even take a financial literacy test with some of these institutions or other resources.

#4 Get access to Financial Podcasts

If you have a busy work schedule, dedicating enough time for reading may not be an easy task. That is where financial podcasts can prove to be effective. As long as listening to those podcasts does not hamper your productivity, it can be the best time-saver, at the same time letting you focus on things such as debt financing and short term finance ideas.

These podcasts can range from just around ten minutes to an hour if you are looking for some high-end info. This list of the best financial podcasts can be quite helpful for you in the long run.

#5 Check out the government resources

The government has been making an all-out effort at training you in improving your financial literacy. They can offer you plenty of information with respect to your personal finance. There are several resources that can prove to be beneficial in achieving a better degree of financial fitness.

The  Treasury Website is one such excellent option you can rely upon.  A Financial Literacy awareness month is held every year in April. That can be yet another excellent means of gaining a better financial awareness through events and programs.

Why Financial Literacy – How does it help you?

Good financial literacy is a powerful tool. It will have a massive impact on your present and future financial decisions. Some of the benefits associated with financial literacy can be summarised as

It puts you in control of money matters

Instead of your money controlling your decisions, you will have a say in the money works for you. It will also help you change, and improve your outlook towards money and finance.

It eliminates the bad debt

Financial literacy makes you learn more about such complex aspects of money management such as short term finance, debt financing and lets you set your short term financial goals effectively. You will be better prepared to avoid debt disasters.

It empowers you in identifying frauds

A proper financial literacy can go a long way in enhancing your financial health by letting you recognise the scams in the finance sector. You will take your own time studying the finance schemes and taking any financial decisions. You will also be able to decipher the financial advice given to you by the experts and financial companies instead of blindly believing in them.

Any best books to improve financial literacy?

Well, we have covered everything you can do to enhance your financial literacy. However, if you are still looking for some excellent resources that can help you get better deals, the following list can be quite helpful in the long run.

#1. Rich Dad, Poor Dad

#2. Money – Master the Game

#3. Everything Budgeting Book

#4. Financial Literacy for Millennials

#5. Financial Literacy for Managers

Those were just a few of them that you can check out. You can check out several great options for those books on Amazon. The books are available either as a paperback edition, a Kindle edition or even an Audiobook format.

Well, having gone through all those books and information available over the internet or elsewhere, how about learning them and putting your knowledge to some test through the online financial literacy test? That way, you would understand what other areas do you still need to master.

About the author

Donna Powell

Donna Powell

Donna is a veteran journalist who has immense experience in online journalism and creating stories. On News Bulletins, she manages to write news articles from the Business and Entertainment industry. She does a lot of social services, and help the needy. She loves doing that. She has a masters degree in English literature, and that gives her an edge while writing. Along with writing news articles, she does check every news content before putting them live. She checks each news content, and edit them to make them even more correct, and readable.

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