Understanding how to manage your own personal finance helps set goals and create fundamentals skills in planning and decision-making. In terms of the fundamentals, this is of huge importance. We are not going to expect to remember everything, we just expect and hope what you get out of Financial Stability, is KNOWLEDGE
We will go over the importance of having a bank account. Whether thats a
- Checking account
- Savings account
- Credit card
Electronic money is easier to keep track of, but harder to manage.
The key to success. We will tell you the importance of having credit and maintaining a good credit score
- Credit Karma
- Cause - Effect
Budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.
This is an area where we all do not want to be, but will need it sometimes. Loans are given from a bank or "lending". It earns interest to where you pay it back over a period of time. Such as
- Buying a car
- Buying a home
Each of these areas have a unique loan, and before you encounter one of these areas. Get familiar before you take affect.