7 Financial Literacy Basics Everyone should know

Budgeting

Budgeting = Financial literacy. Plan income vs. expenses: list sources and categorize spending. Save money by understanding habits.

Saving and Emergency Funds

Saving money is crucial for emergencies. Save 3-6 months' expenses in an accessible account. It safeguards you in crises, offering peace of mind.

Debt Management

Debt can help or hurt, so managing it wisely is essential for financial stability and achieving goals.

Understanding Credit Score and Reports

Your credit score matters to lenders, affecting loan terms. Check your credit report, fix errors, and build good credit by paying bills on time and keeping card balances low.

Investing Basics

Investing grows wealth over time with risks but higher returns than savings. Learn about options, diversify, and get advice when needed.

Retirement Planning

Stay consistent with contributions and adjust investments based on your age and risk tolerance for a secure retirement plan.

Insurance

Insurance safeguards against unexpected events like accidents and illnesses, including health, life, auto, and home insurance. Understand options and choose wisely based on your needs.