Many believe that only business owners need to have financial literacy in order to pay taxes, fulfil day to day accounting needs, etc. What they fail to recognise is that these businesses have numerous resources to support their financial needs, if it’s a large scale business or a startup they are sure to find the right MYOB pricing, or a different resource that’s well priced. However, because of this many overlook how essential financial literacy is even for individuals, and
An eye-opening study showed that only 17% of teenagers between the ages of 12 and 17 knew how to manage their money. Among these respondents, 24% said they did not know the difference between credit and debit cards. Budgeting was a concern as well as learning how to save money. One of the reasons why the teenagers lack knowledge of money matters boils down to their parents. They elaborated that their parents were not doing an excellent job in teaching
WHAT IS AN EMERGENCY FUND? An emergency fund consists of the money you set aside to cover large, unexpected expenses. It serves as your cushion to save you from drowning into debt and other unfortunate events. It can be used for unforeseen medical expenses, home appliances replacement, automobile repairs, and managing unemployment. HOW MUCH MUST I SAVE? When you are starting to build your emergency fund, it is important to value what you have. No matter how small, every dollar
What is wrong with having one bank account for the entire family? Nothing! However, financial stability may be reaped through spreading your eggs in several baskets. Setting aside enough cash to maintain one account is already a tough task, especially if you are barely making ends meet. If you can afford to keep your money in separate accounts, the management of your finances will be better. Firstly, you will be able to track expenses related to your specific financial goal.
As the new year chimes in, there will come a chance to set new resolutions or goals. The other day, my sister and I were casually chatting about her 2019 resolutions. She reiterated how important skincare is. She seeks to apply sunblock and lotion on a daily basis. Her skincare resolutions were concrete and doable. So, I asked her why she kept her goals simple. She looked at me and said…”If I cannot follow through these simple goals, how can