First and foremost, your very first step towards improving your financial capability is a reflection of your present situation.
How much effort are you putting in managing your own money?
Are you keeping track of what you are spending in a day, week, or month? Do you know how much you own?
How many times did you regret spending so much money on something that benefitted you so little?
Can you increase your income – a part-time job – a summer job – financial products?
Are you making the most of what you already have?
Can your overall monthly expenses decrease?
Have you ever pondered: what are the knowledge and skills without action / application? For instance, knowledge and skills are useless if sound informed financial decisions are not made. Having knowledge and skills is a necessity and is one thing, having attitude is another thing.
Acquiring skills, information, and knowledge, in other words learning, is a lifelong process but no matter how excellent the knowledge is, little is retained and much is forgotten if not applied.
- Open up a savings account.
- Find a part-time or a summer job
- working for their money to increase their income;
- putting budgeting skills into a more workable, useful perspective;
- able to support themselves – to a certain extent – financially;
- becoming independent;
- experiencing the outside world;
- perceiving the outside world;
- putting into practice their knowledge;
- elaborating their own knowledge;
- giving meaning to experiences;
- understanding how things fitting together;
- becoming aware of mistakes;
- developing self-checking and self-correcting skills.
- Keep track of money
- Plan ahead
- Engage in positive financial behaviors – say no to risky credit behaviors
- Increase saving
- Engage in recommended financial practices such as maintaining an emergency fund
- Make use of financial products like those offered by Banks
- Access financial services from trustworthy financial advisors.
- Have a retirement savings plan
- Make informed and effective decisions through your understanding of the value of money
- Get the most from the money you do have.
Overcome difficulties, acknowledge mistakes, be aware of behavioural factors, social influences and emotions.
It is increasingly crucial that you teenagers become equipped with the financial capability tool kit to manage your finances and plan ahead.
The positive impact of financial capability and financial capability interventions goes wider than the individual and contributes benefits to the state.
It’s never too early nor too late to start caring for your finances.