Truth About Financial Literacy: A New Perspective on Spending and Saving Money

In this era one of the hardest thing is managing your finances and it is becoming difficult because of reasons like inflation and other uncertainties in life.

Good thing I've got myself involved in managing and making my own finances since early ages and have learnt one or two things about it.

Everyone around us is trying to build wealth and nowadays that wealth is rapidly decreasing because of not managing it the right way. There's multiple mistakes we make that goes unnoticed and I've realised it's taken wrong mostly.

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It's either savings in fiat or some yield bonds

I have seen everyone around me like family to relatives and other people mostly saving their money in fiat and the other better option according to them is saving that money in Bank and earning 3-4% Apr sum.

The sooner and quicker you realize that fiat is one way of losing wealth as the money is being printed on and on it is getting more inflated and less valuable over the time.

Still remember it was about pandemic time when I told my relatives to not save in fiat and get out of it. They didn't listened and took my words seriously and after that commodities like crypto and stocks bull saga is something they still talk about.

I'd also not invest in commodities

Everyone that comes into investing enters with intention of making it big like it's some sort of a casino.

I'd prefer treating my investments in commodities as if it's a life insurance. If things goes terribly wrong in life than you check out otherwise you hold onto it and just keeps on adding more money into it.

_{Image by Pexels from Pixabay}

There are students and people who take out their finances and throw it in the market.. mostly ends up losing all instead of making it big like they've thought about.

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Prefer Needs at All Cost while Spending Money

There are people who assume preferring needs over wants would save them money. No! It doesn't at all.

_{Image by Petra from Pixabay}

I believe most of the time our wants are more like investing on yourself and it is because when we spend money on something we want. It just gives you more reasons to do things the better way and put all the efforts.

But it doesn't mean you should always spend on whatever you want like I will never want to buy a smartphone worth $1000 because it is easily available under $100 and that functions the same way.

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wrapping up...

In the end with time when you spend money on things than you eventually learn about managing finances according to the situation and needs.

One shouldn't spend more than what you earn. As long as your income isn't more than spending its simply not possible to keep up with finances.

Most of the things about finance isn't taught the right way at schools. It only comes with your own experience in this real world. I'd love to know what's your perspective and how you see it in the comments.

fin.

Your support is much appreciated. Don't Forget to hit Upvote, Comment and Re-blog.

_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 27/05/2024.

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