Finances can be daunting, especially when many weren’t taught how to balance a checkbook, reconcile a bank statement, file a tax return, or create a budget— let-alone follow it. ls our educational system failing us in teaching financial literacy?
For most people, financial education comes long after their formative high school and post-secondary school years. This disservice from the education system could result in generations of confused, frustrated, and discouraged students mismanaging or neglecting their finances. With student debt topping $1.48T, it is clear that it has become our responsibility to educate ourselves. Financial literacy is a lifelong process, not a finite journey.
The hardest part of breaking a habit or starting something new is actually getting off our butts and doing it. Start small, there’s no need to become Warren Buffett overnight. Here’s how to get started:
The newfound transparency in your financial life will point you in the direction where your attention is needed. Uncovering your blind spots (we all have them) is a practical place to take action. For example, if over-spending on coffee in the morning is your vice, track your spending with an app like Mint or use cash to keep temptation at bay. Taking simple measures to prevent our worst impulses translates into effective action that also gives us a feeling of control and accomplishment. These habits get easier the more we practice and integrate them into our daily lives.
Read how Jay-Z is actually the patron saint of generational wealth and financial literacy
Financial Literacy: A Series of Good Habits
Common Cents: Why Financial Literacy Matters During a Pandemic
Practical Steps to Reach Financial Literacy
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