Teachers work to include a vast syllabus of studies within the required curriculum for students. But there is a main ingredient of life in which the students of all ages are not getting enough knowledge that is financial education.
Now a question must arise about what financial education is. It is a great question to answer. Financial education is important for every adult to be successful in their life. Study shows that in the USA, 17 states require high school students to give examinations on financial education.
According to the experts, these courses have a direct influence on the students’ financial decision taking abilities. Moreover, students who have taken personal financial classes, are much likely to be successful in their life in case of spending money and investing wisely.
So, we must rethink how we educate young students on this very important sector of their life. Until and unless that revolution happens, let’s discuss some key factors to work on in order to improvise financial education among students of all ages. Working on these key factors would not be an easy job for us. But, with a little bit of patience, practice and perseverance, it will benefit our next generation.
- All about Budgeting
To stay on top of your finances the most basic thing you need is to create and maintain a budget. In the modern era, with the help of several websites and applications you can easily create your budget. Do not worry if mathematics is not your cup of tea. Those websites consist of user-friendly tools that help users keep their budget on track. You can also track where your money is actually going if you use those tools properly.
If you do not follow a proper budget, it will be very difficult for you to know where money is coming from and where it is being spent. A financial rookie requiring economics assignment help should start with mastering the basics of the subject.
Now let’s have a real-life example. As a college student you most likely need a budget to spend your money. How much of that money should be spent on clothing, school fees and daily needs as well as late night parties with friends, should be pre-calculated by yourself. The student bank account application tracks how much and where you are spending. So, use that statistics to reallocate to each category for the next month and try to stick to it.
- Know the Interest Rates
You might have touched upon concepts like compound interest in your mathematics curriculum. It is very important to understand compound interest and its different aspects. It can not only help you save better, but it can also differentiate between borrowing a small amount and paying back much more for upcoming years. Understanding the inside out of interest can impact your finance more than anything. As an online geometry tutor it is very much important to gain a better concept of it in the early stages of your life.
- Savings Must be Prioritized
Saving is one of the most important factors of a healthy financial life. However, the majority of young students do not prioritize this factor as much as they should. It is easy for a student to ignore the worry of retirement as it seems so far off. The knowledge, practice and skill set of savings will be utilized throughout your lifespan.
Normally, amateurs can learn this concept by saving money for an expensive item that they dream of. The key here is working toward a goal and students have to understand that there is a lot of prestige in paying themselves first as there will always be bills to pay.
So, if you want peace of mind you need to have patience, practice and diligence- all the qualities you need to develop while mastering your knowledge of savings.
- The Traps of Credit- Debit Cycle
One thing the students must remember is that credits are easier to lose than gain. Unfortunately, most students don’t realize how easily they ruin their credit. It is very much difficult to regain the lost credit before it is too late. This is the reason why knowledge of debt should be provided to the students at early stages. If managed properly, credit can be a very useful tool. It is very much important to collect the concepts behind responsible credit practices as early as possible because making radical decisions at a young age can cost you throughout your adulthood.
- Know about the Theft and Safety Issues
In this modern era, identity theft is a bigger concern. The world is transitioning into a digital platform and almost everyone has shopped online at least once, their financial data is most likely to be vulnerable to frauds. So, we need to understand this concept along with some preventative methods such as- protection of password, limit the amount of personal information shared on online platforms etc.
Though it is not a full proof science it is very much important to safeguard our financial and personal details as much as possible to avoid different cyber threats. If you have social media accounts that are kept in public mode, turn them into private mode right now. You must also limit how much personal and financial information you post on those websites and pay someone to take my online class. You should never do online shopping on a public computer and never use your credit or debit card at vulnerable public settings. And last but not the least, make your passwords strong, containing both uppercase and lowercase letters, symbols and numbers.