MY MONEY

WHAT IS FINANCIAL LITERACY?

According to Wikipedia, Financial literacy is the ability to understand how money works in the world. How someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources...

Buying a House

First you should determine if your budget allows you to buy a home. Home ownership is a lot more expensive than renting. You are responsible for paying for all the repairs. You may also have added utility costs such as garbage and water. Second you should begin to shop for a loan. You need to get it pre-approved before you shop for a home. This will help you to look within your price range. You should contact at least three entities before you...

Buying a Car

First you should determine if your budget allows you to buy a brand new car or a preowned car. The value of a car falls the moment you leave the car dealer. A car is not an investment. It is a depreciating asset. Do your research and compare cars with your need then determine the type of car that you want to buy, and make sure it is the best car for you. Things to consider: Brand reputation-spending less on buying and a lot on always repairing...

School Fees

The costs may seem overwhelming at first but if you're realistic about your financial situation and plan well it is possible. Here is what you can consider: Calculate the total cost of your child's education. Ask the school for a copy of average school fees for the past five years, to help you calculate the average increase annually. Calculate and weigh the different options for your tuition. Consider distance learning compared to full time...

Getting Married

A wedding is a dream day for many women and it always comes at a cost. The most important thing is to decide what needs to be done and plan accordingly.Consider having the wedding in a year to allow yourself time to pay/save for the big day. Here are other things to consider to reduce the costs; Cut the guest list. This will slash your catering costs and save on invitations and even the number of centrepieces. Consider having a traditional lunch...

Life plan

Investment Institutions An asset that is purchased with the hope that it will generate income or appreciate in the future . In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. Read more... Long Term Insurance What is long term insurance cover?, this is for protection in the event of a life changing occurrence like Death, retirement or disability. You would pay a...

Saving

It is usually a portion of disposable income not spent on consumption of consumer goods but accumulated or invested for future use. It is advisable to try save a little money every month. We have been told ‘always pay yourself first.’This means DO NOT save what is left after spending, BUT spend what is left after saving. Try and have an emergency fund to avoid taking loans to pay unexpected purchases. It will come in handy. The only way you will...

Budget

Always pay for the things you need Needs; something that one needs in order to live or survive. e.g. food, shelter Wants; something one desires but does not need to survive. e.g. a vacation Buy things you want, if you can afford them. If you have a big expense coming up like a car, bigger home or even going back to school ,if you had a budget to include that you will be fine but if you don’t you are forced to borrow. Creating a budget can be a...

Reckless Borrowing

Reckless borrowing symptoms you have had to borrow money to pay off a debt you are unable to meet your monthly repayments you are overwhelmed by your financial situation also see lending Consider the following steps to manage your debt and eventually get out of debt. Stop increasing your debt Stop borrowing money or making purchases on credit. Record your spending You're in debt because you spent money you didn't have and your debt didn't come...

MY MONEY

WHAT IS FINANCIAL LITERACY?

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