BRAND NEW VS. ESTABLISHED PROPERTIES - WHICH IS BETTER?
Financial literacy is more than just budgeting; it's about making smart money choices!
In simple words, it means to have the knowledge of how to make smart decisions with money.
Mandy Meng, co-founder of SONI Wealth, strongly believes, true financial smarts go beyond balancing expenses. It's about juggling multiple goals like a pro: saving, paying high-interest debt, building an emergency fund, and investing to secure your future.
FINANCIAL LITERACY: The ability to understand and use various financial skills. in short, it means understanding the topic of money
mastering budgeting
saving smartly
negotiating loans wisely
understanding credit impacts
navigating retirement options
FINANCIAL LITERACY IN ACTION CAN LOOK LIKE:
Increasing your retirement savings rate every time you get a raise
Maintaining three to six months' worth of expenses in an emergency fund, and replenishing it after you've withdrawn money from the account
Comparing promotional periods on balance transfer credit cards so you have an extended time to pay off debt
Checking your credit report regularly
HOW TO BECOME FINANCIALLY LITERATE
Explore Free Resources: Banks, credit unions, and credit card issuers often offer free tools to track spending patterns, providing a starting point for financial awareness.
Credit Counselling: Seek expert help from certified counsellors for budgeting and debt payoff techniques. They can guide you on the path to financial literacy.