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Why Being Financially Literate is Important

Why Being Financially Literate is Important

It does not take a rocket scientist that being financially literate is an advantage nowadays. With the ongoing pandemic, what used to be our stable sources of income have either dwindled down, changed or worst, many have lost their income source altogether.

The past year taught everyone how to be resilient and resourceful. But I think, our current situation has made many realize that being constantly ready, whether emotionally and financially, would help weather us through this unpredictable storm.

I think the above caption should only be done when all matters of financial concerns has already been addressed.

When before I would only think about of traveling, not considering where I would actually get enough travel funds to sustain this want, I would just book to my heart’s content and having this incorrect mindset of ‘fly now, worry later’. Well, yes, it sounded cool. But it also caused a lot of concerns for me later on. I now realize that setting aside of my monthly salary is a must. It is also important to have an emergency fund. Well of course for emergencies. Haha. Investing and having several sources of income is also advisable because we all know how unsure the global economy is.

source: Calculator.me

The effects of my immature actions before surfaced right at the start of the pandemic. I was unable to save enough to weather the rainy days so every week was a constant mental battle. However, I am grateful that the worst is now over and I believe I am more aware now of what my priorities should be. Aside from reading self-help books, checking out news articles on financial readiness, I also find websites such as calculator.me as quite helpful to my journey to being financially aware and independent. This website offers calculators for your different financial needs. I find the calculators for Savings and Planning most relevant for me. 😉

I have habits before that I observe that I no longer do now. If before I would buy a number of things when I go to the supermarket, now I would only buy what is needed. It also helps listing down what you actually need to buy. I no longer stock up a certain product but just buy what I need until my next store run. It seems just like a simple tip but it definitely helped. Now, when I go to the store, I am no longer tempted to pick up things I only want.

I find it funny that I actually wrote down an article before on how I can better manage my travel funds. My post How Do I Save Up for My Travels discusses how I am able to save more for my travels. But I think, the more appropriate title for my next blog should be How Should I Save Up for my Future. 😀

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