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6. Emergency Preparedness:
Emergency Fund: Establish an emergency fund for unexpected expenses
Insurance: Learn about different types of insurance and their importance
Financial Resilience: Prepare for financial setbacks and crises.
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438 reads
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2. Debt Awareness:
Interest Rates: Comprehend how interest affects loans and credit cards
Credit Score: Learn how financial behaviour impacts your credit history
Avoiding Debt: Practice responsible spending to avoid unnecessary debt.
24
519 reads
3. Investing Insights:
Compound Interest: Understand how your money can grow over time with investments
Asset Allocation: Learn about different investment options
Risk vs. Reward: Grasp the relationship between risk tolerance and potential returns
25
459 reads
1. Budgeting Basics:
Income vs. Expenses: Understand how to balance what you earn and what you spend
Needs vs. Wants: Differentiate between essential expenses and discretionary spending
Savings: Allocate a portion of your income to savings and emergen...
27
644 reads
5. Tax Fundamentals:
Taxation Basics: Learn about income tax, deductions, and credits
Filing Process: Understand how to prepare and file your taxes
Tax Responsibility: Recognise your tax obligations as a citizen.
25
388 reads
4. Financial Goals:
Setting Goals: Define short-term and long-term financial objectives
Budget Alignment: Align your budget with your goals to achieve them
Monitoring Progress: Track your financial journey and adjust as needed.
24
402 reads
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Financial literacy is a crucial life skill Equip yourself with these six money lessons you need to learn before turning 18:
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Other curated ideas on this topic:
Create an Emergency Fund
You can't predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months of living expenses.
Common financial emergencies include job loss, natural disasters and car, house and health issues.
Create an Emergency Fund
Create an emergency fund to avoid the need to turn to debt.
Think about what makes sense for your financial situation.
Building a budget
- The traditional budget starts with tracking expenses, getting rid of debt, and then building an emergency fund.
- But you can speed up the process by building a partial emergency fund. It will act as a buffer to replace the use of a credit card for e...
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