Because of the importance of having financial skills in everyone’s life, the lessons teachers teach students to improve their finances are fundamental.
Although a three-year-old child can understand concepts such as saving and spending , it is up to seven that they assume financial habits, according to a report by researchers at the University of Cambridge, commissioned by the United Kingdom Monetary Advisory Service.
Therefore, it is important to provide financial education in schools. We share 10 tips from teachers to improve finances:
Every day we face many decisions. While most of these are simple like “what should I use?” or “what to eat?”, others are more complex such as “buying a new or used car?” It is advisable to compare the advantages and disadvantages, consider the needs, take stock and learn to make wiser decisions.
Having a career is one of the safest ways to increase income and earn money. When planning the future, one of the most critical financial decisions is to determine your career path.
The art of budgeting
A personal budget is a financial plan to allocate future income to expenses, savings and debts. Knowing where the money is going is a common problem for many people and homes. Effective resource management begins with a goal and a step-by-step plan to save and spend. When establishing financial goals, you consider them to be realistic, specific, programmable and with a clear objective.
Live on your own (be independent)
As young people grow a common goal is to live on their own. However, the challenges of independent living are often very different from your expectations. If you want to take the flight, it is important to investigate the costs of moving; purchase of furniture and appliances; and the rent of an apartment.
Buy a house
For many, buying a house is the most important financial decision they will make in their life. This process can be overwhelming if it is done for the first time, but a little prior research will help lighten the way.
Banks and other financial institutions (such as Sofomes) offer a wide range of services, however, few people know how to make sound decisions when using them. You have to know the main characteristics of each financial product before choosing.
Credit is present in everyday life, such as credit cards, which have become a necessary convenience. To use credit wisely, it is essential to build a strong credit history. Analyze the characteristics and costs of each financing option.
With so many options available, how can we be sure that we are making the right decision? A smart purchase starts with a plan. You have to carefully compare prices, product attributes, guarantees and store policies.
Savings and investment
Saving 10 pesos daily will result in 3,650 pesos in one year. Small amounts saved and invested can easily become larger sums. However, a person must save before investing. Setting financial goals is a good way to motivate yourself and start this path.
Currently, keeping your financial and personal information safe can be a challenge. If you provide personal data, whoever receives them must guarantee that they will not be sold by third parties or other organizations. Check the privacy law that protects your information.
With these lessons you will learn the skills you currently need to better manage your money tomorrow.