Wisdom and Discipline are needed to be financially literate.

Before I started spending my hard-earned money, I thought money was so easy to make. But when I started working, I saw the need why Mom was always after cutting your clothes according to your materials👌Money is not easy to make so also the spending should be done wisely. I learned to be financially literate early on from my parents; they have a budget every month that we follow strictly, and it must not exceed; if it does, that's till another month.

To be literate means the ability to read and write; therefore, financial literacy refers to the ability to manage money effectively. There's a saying that money is like a spirit: if it visits you, find a way to use it wisely, as it can disappear without notice. Money is good, but the love of it can lead to destruction. That's why the majority nowadays are now after quick money solutions everywhere. Discipline is required!

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Financial literacy can begin at any stage of life, but it should ideally start in childhood. The disciplines we develop in our childhood stage often manifest in adulthood. My African mother gave my siblings and me piggy banks to save our pennies. Whenever we received money, saving was mandatory. She wasn’t the type to hand us cash to buy whatever we wanted; instead, all our needs were met according to a monthly budget. That mentality of saving has stayed with me, and I’ve passed down the importance of saving and responsible spending to my children. I won't give them money for spontaneous purchases because everything we need is accounted for within our budget. This is how they will grow up understanding money.

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Let me share my cousin's story, which illustrates the evil spirit nature of wealth. Bro Khalid started his career as a storekeeper and worked up to the post of manager at a granite store within five years. Suddenly, he became quite wealthy, even owning a truck to deliver granite to customers. However, the abundance of money led him to spend lavishly. He indulged in a lifestyle filled with expensive outings, parties, and relationships, believing he was on top of the world because of the change he saw at that time, not knowing literacy was required.

But then, calamity struck. He fell ill and lost everything almost overnight. Bro Khalid didn’t own land, let alone a house, and he had avoided starting a family, neglecting the responsibilities expected of him. He missed the opportunity to make wise investments and secure his future when money flowed in. What a nightmare!

I can't help but feel for him each time I see him. His story serves as a constant reminder that money, while it can bring joy, is also a lesson in responsibility and foresight. That's why if one takes a loan without a budget, one will end up in debt of financial illiteracy.

My response to the #hivelearners community contest, edition two about FINANCIAL LITERACY.

All images are sourced.

          Thank you💕💕