Financial literacy is for everyone!
Financial literacy isn't just about earning, it's about making informed choices. Being financially literate is a lifelong journey that enable and empower individual in finance savvy decision making that will eventually help them unlock the path of financial freedom. Hence, let's sow the seeds of financial wisdom early.
Key Aspects of Financial Literacy -
Budgeting -
Basics of creating & maintaining a budget
Tracking spending habits (managing regular expenses & wants)
Setting SMART (specific, measurable, achievable, relevant, and time-bound) Financial goals.
Budget alignment with financial goals and priorities.
Banking & Credit/Debt Management -
Understanding debit/credit cards and responsible usage
Monitoring and maintaining a good credit score
Recognizing types of debt (credit cards, student loans, personal loans)
Avoiding debt traps and high-interest loan
Saving & Investment -
Recognizing the importance of saving and investment
Cultivating the habit of fund allocation to cater to saving and investment needs.
Building emergency fund for unexpected expenses
Understanding the concept of risk and return to save effectively and invest wisely.
Building awareness of different available saving and investment products
Taxes -
Understanding of Tax system
Knowing Taxable income, applicable exemption and deductions
Familiarity with Tax forms and ITR filing.
Tax Planning
Tax Compliance & Penalties
Protection & Wellbeing -
Evaluating insurance needs
Understand different types of insurance (Health, life, auto & property) and selecting appropriate coverage.
Managing healthcare costs and health insurance premiums
Retirement Planning & Knowledge of available Pension Plans
Economic Awareness -
Understanding basic economic concepts (inflation, recession)
Recognizing economic factors affecting personal finances
Making financial decisions considering economic trends
And there are many more that we will keep on adding as we progress in our journey. Watch this space for more updates!