Scribd Logo
Upload

Welcome to Scribd!

  • 19 views

    Financial Literacy Infographic

    Uploaded by

    perecn
    This document provides an overview of important concepts related to financial literacy, including budgeting, needs vs wants, saving and investing, loans, and credit. It emphasizes tracking spending, setting spending priorities around needs, saving money consistently, starting small with investing, and understanding how loans and credit work. Maintaining good financial habits from a young age allows one to live comfortably and make large purchases in the future.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Financial Literacy Infographic

    Uploaded by

    perecn
    19 views1 page
    This document provides an overview of important concepts related to financial literacy, including budgeting, needs vs wants, saving and investing, loans, and credit. It emphasizes tracking spending, setting spending priorities around needs, saving money consistently, starting small with investing, and understanding how loans and credit work. Maintaining good financial habits from a young age allows one to live comfortably and make large purchases in the future.

    Original Description:

    Original Title

    financial literacy infographic

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides an overview of important concepts related to financial literacy, including budgeting, needs vs wants, saving and investing, loans, and credit. It emphasizes tracking spending, setting spending priorities around needs, saving money consistently, starting small with investing, and understanding how loans and credit work. Maintaining good financial habits from a young age allows one to live comfortably and make large purchases in the future.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    19 views1 page

    Financial Literacy Infographic

    Uploaded by

    perecn
    This document provides an overview of important concepts related to financial literacy, including budgeting, needs vs wants, saving and investing, loans, and credit. It emphasizes tracking spending, setting spending priorities around needs, saving money consistently, starting small with investing, and understanding how loans and credit work. Maintaining good financial habits from a young age allows one to live comfortably and make large purchases in the future.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    FINANCIAL LITERACY

    Everyone should understand money because proper management allows us to


    comfortably live the way we want to. Here are some important things to know about
    financial literacy.

    BUDGETING

    Whether you have a job, an allowance, or birthday money, it is


    always important to track your spending and set up a budget.
    You can track your spending with budgeting apps such as Wally
    or EveryDollar.*
    Once you see how you are spending your money, you will be
    more conscious about what you spend it on.
    Budget templates for Excel could also be found online.
    A budget should consist of categories such as:
    Needs
    Wants
    Savings
    Investments
    Needs vs. Wants
    Needs and wants are two of the main spending categories
    you should learn more about to ensure that you are spending
    your money wisely.
    Need: Spending money on something that is necessary to
    live or function.
    An example of “needs” are a water bill, your phone bill,
    or groceries.
    Want: Something that can improve your quality of life but
    is not necessary.
    An example of "wants" would be something such as
    the latest iPhone or ordering take-out food every night.
    Remember, you can always save for these things
    while you focus on your immediate needs.
    *We are not sponsored by these organizations and individuals should do their research to better determine which platform better meets their needs.

    START SAVING AND



    INVESTING

    Spending all your money can put you in a


    predicament of not being able to buy something
    you need.
    Spend less than you earn and save the rest.
    If you are spending more than you make, you
    will end up with a negative account balance.
    By starting a savings account at your local bank,
    you can have a safe place to put your savings.
    Once you have saved a decent amount of money
    you can start thinking about investing.
    Investing is putting your money in a place for a
    while to make it grow.
    Some popular options for investing are stocks,
    bonds, and real estate.
    The best time to start investing is now, but
    make sure to make smart investments.
    Talk to your parents/guardians and ensure
    that you meet the minimum requirements
    to invest.
    Start with a small investing goal
    For example: Save your money in an APY
    savings account for a year and see how your
    money can grow.
    The longer you leave your money, the more it
    will grow!

    LOANS AND

    CREDIT
    Sometimes to make large purchases you will need to take out a loan and pay
    the loan over time.
    You cannot take out a loan until you are 18.*
    Loans can follow you around for a long time, so be mindful about making
    large purchases.
    Some examples of purchases that might require using loans are:
    Buying a car
    Buying a house
    Financing a degree
    For most loans, banks will look at your credit score to see if you qualify for
    their loans.
    A good credit score shows the bank that you are a trustworthy person and
    will make payments on time.
    Credit scores are based on an analysis of your credit history, such as:
    Your purchase history
    How long you have had credit.
    Type of credit you use (credit cards, loans etc.)
    Recent credit searches
    Your credit score can range from 300-850:
    300-599 is very bad
    600-649 is poor
    650-699 is fair
    700-749 is good
    750-799 is very good
    800-850 is excellent
    *You must be at least 18 years old to take out a loan.

    You might also like