In the modern world there are a lot of creative and intriguing ways that people can not only earn an income but also learn certain skills like saving and financial literacy. With more and more jobs moving to a remote spaces, and the ability that advancements in technology are affording to more and more startups, in many ways the ability to make a living has never been higher. 

While there may be more skill-based jobs on the market available thanks to the internet, the truth is that rising inflation rates and costs of living are creating challenges for people across the board. In today’s society, it’s not only important to simply make money, you have to know how to handle it. In uncertain times, having a firm grasp on concepts like financial literacy is a necessity. 

The first thing you need to know is that it is never too late to start learning financial literacy and now is always the best time to begin. No matter your age, or stage in life, you have to start somewhere and there’s never a better time than now. So if you have been wondering what financial literacy is and how you can improve your own financial literacy – here is everything you need to know! 

What Exactly is Finacial Literacy

This term refers to the concept of knowing how to handle personal finances when it comes to practices such as saving, investing, and budgeting income. One of the first concepts that you have to know about financial literacy is that you need it. Yes, there are people who may be naturally just better at saving or have a propensity to see finances with a more big picture view, however, these are skills, and just like all skills they need to be learned.

Not only is financial literacy a skill that needs to be learned, but it’s also one that can be grown. The more a person finds out about the concepts of investing, saving, and budgeting, the better they can be at handling their own resources wisely.

Find a Teaching Resource

One of the best ways that you can begin to grow in your financial literacy is to find a teaching resource. This could be a podcast, a youtube channel, or even an email newsletter that you enjoy reading. The good news is that there are a lot of high-quality, and oftentimes free resources to pull from when it comes to learning about financial literacy. 

Start Using a Free Debit Card

If a person is struggling to understand how to handle finances and grow in their financial literacy, chances are they may be struggling with how to properly handle something like credit cards or spending. The good news is that this is a normal learning curve that a lot of people deal with. Finding out how to handle, grow and use a line of credit isn’t something that just comes naturally to a lot of people. So there is no shame in having to learn how to use it properly.

A tool that can really help is a free debit card. A debit card can help a person feel more connected to their source of income than a credit card, as a debit card pulls directly from persons checking or savings account. One of the problems with credit cards is that it can be difficult to understand ‘where’ the money is coming from, and then spend too much.

Most financial institutions offer free debit cards if they offer a checking or savings account. Some companies like Yotta incentivize saving by offering a free debit card that also places participants in a system-wide lottery system. The more a person saves, the better chances they have at winning big in the closed lottery system with a grand prize of up to 10 million dollars. 

Don’t Be Afraid to Ask For Help

Dealing with things like financial literacy can seem daunting and even intimidating, but don’t let that hold you back from actually getting the help you need. The truth is, financial literacy is something that will serve you your whole life, and if you find yourself lacking in it, it’s up to you to take charge and change that. While it may seem scary to ask for help, there are organizations that are designed to help you understand finances so you can take better control of your money.

Conclusion

Growing in financial literacy is an exciting, rewarding, and lucrative skill to grow in. It may seem like a lot to understand, especially if you have never taken it seriously in the past.  As scary as it may seem, don’t ever let intimidation keep you back from pursuing your best financial stability. Remember, there is never a better time than today to start growing in your financial knowledge, skill, and stability.