5 key principles of financial literacy
1. Spend less than you receive
If there is a key fundamental rule of financial management, this is it: your spending must be less than your income. You MUST follow this rule, otherwise your entire future life is in big question.
2. Simplify your financial life
The more loans you have, the greater the chance of missing a payment or missing a payment. The more deposits and accounts you have, the harder it is to keep track of them and the easier it is to fail to react to problems as they arise. The more complicated your financial life is, the more time and effort it takes. Along with that comes the chance of getting confused and making financial mistakes.
3. Never let your "future self" control your present situation
Do you want to buy something you can't afford now because you'll earn more in the future and pay off your debts easily? Most likely, you will regret this decision for a long time, because your "future self" may earn the same or even less, or lose your job altogether.
4. Create a budget, just do it right
A budget is the best means of controlling and planning your finances, but only if you do it the right way.
5. Optimise all your planned expenses
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