Financial Literacy 101: Important Money Basics To Learn Now
Basics are the foundation of all knowledge. If you wish to build long-term wealth and take control of your money, you need to start with financial literacy 101. It’s the small first steps that help you grow big. If you try to jump to financial literacy 501 from the get-go, you’re much more likely to end up in a financial mess. Here are our top five financial literacy 101 principles to start with.
Learn Money Basics With These 5 Tips
1. Budgeting Makes Money Make Sense
Even the simplest budget can take you a long way. Here’s the most well-known financial literacy 101 principle you’re likely to find all over social media: if you want to take control of your money, you need to start budgeting. When you know where the money’s going, you can control the flow. This is one of those clichés that are true.
2. Paying Yourself First Will Always Pay Off
Another popular piece of advice among financial influencers is to always pay yourself first. In other words – automatically set money aside before you even start budgeting for expenses. As far as financial literacy 101 goes, you need to save money, at least for emergencies. And the best strategy to save money is to set it aside before you start spending.
See, spending money is easy. But you can’t spend the money that’s not there. Out of sight – or in this case out of the paycheck – out of mind. Basically, have a percentage of your pay transferred to a savings account as soon as your check comes in.
3. Save For Retirement Early For Smaller Contributions
A simple but often ignored truth of financial literacy 101 deals with retirement. The truth is, if you start saving for retirement with just $100 a month in your 20’s, your retirement fund will be at least twice larger than If you start saving in your 30’s.
If your strategy is “I’ll start saving when I make more,” you’re missing the most important asset – time. Better start saving with minimum contributions now, than with larger contributions in the future. Concentrate on increasing the regular contributions, instead of playing catch-up later in life.
4. Don’t Cut Out Insurance From Your Expenses
Another big part of financial literacy 101 is insurance. You should consider insurance mandatory expense when budgeting.
It may seem like an unnecessary expense if you don’t use it regularly, but you aren’t supposed to use it regularly. It’s supposed to save you from unnecessarily large expenses that could put you in a financial hole you’ll have a tough time climbing out of in case of an emergency.
5. Accumulate Debt The Smart Way
Debt has always been a part of American life but never has it been as hot a topic as in the last decade. More people are ascribing to the belief that taking on debt isn’t supposed to be normal, and that’s good!
When talking about financial literacy 101, debt isn’t supposed to be an everyday thing. It’s supposed to be a tool used strategically to improve your financial standing in the long run.
If you put everything you buy on a credit card and pay the credit card off by the end of the month, you will see the benefits. If you put everything you buy on a credit card and only pay mandatory minimums, you will end up with a crushing credit card debt in the long run.
You need to have a game plan when going into debt – the reason to get debt, knowledge of exactly how much you need, and plan how to pay it off as fast and efficiently as possible. Be smart and debt will serve you. Overborrow and you’ll be serving your debtor for a long time.
When Should I Take Out An Arizona Title Loan?
When it comes to financial literacy 101, taking out a loan could help you out. But it is important you know when exactly you should take out a loan and just what kind of loan will actually help you out.
First things first, keep in mind that every loan type is suited for different situations. Title loans are short-term fast loans that use your vehicle’s title as collateral for the money.
You should start looking into title loans when all other options have already been exhausted, or if you simply have no time to get funds together in another way. Keep in mind you must fully pay off your vehicle before you apply for the loan.
How To Get An Arizona Title Loan
To qualify for an Arizona title loan, you’ll need a state-issued ID or a driver’s license, your car, and the car’s lien-free title in your name. Once you have the items ready, you can fill out the online form and search for ‘Arizona title loan places near me’ on our website to continue.
Apply for an Arizona title loan right now and qualify for up to $15,000! It could take as little as just 30 minutes to complete the process!
Learn Financial Literacy 101 To Improve Your Finances
When it comes to our finances, it is important we know our money basics. These tips should all be a part of your financial literacy 101 knowledge. So when you are trying to improve your finances, remember these tips. And if you think an Arizona title loan can help you out, fill out our online form today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.