5 tips to improve your financial literacy
The situation with Covid-19 has affected the lives of millions of people. You have chance to use it for good, though! For example, spending free time to improve your financial literacy. Mastering it, you get control of your funds, ensure financial stability and increase income, even in crisis times. Feel intrigued, but don't know where to start? Our tips will tell you:
- Break down your own budget.
Start with your current budget. First of all, check incomes from various sources and expenses for all kinds of needs. To restore information about payments made, you can use the statement from your account or the functionality of the mobile application. This will allow you to clearly see if you manage your money properly.
- Set financial goals
It is much easier to stick to financial discipline if you set yourself specific goals. True motivation is the key to successful profiteering. Absolutely anything can be the goal: earning a specific amount of money to increase capital or a physical representation, like buying an apartment, a car, etc. It is important to remember that quality is better than quantity, so concentrate on 1-2 specific tasks, write down a phased plan and terms for achieving them.
- Create a budget and try sticking to it
To get closer to achieving your goals, it’s important to keep your budget running. However, keep in mind the flexibility that will allow you to quickly respond to changes in income and expenses. Also, do not forget to allocate funds for your “future spendings”, which later will bring you profit, for example, training and investments. Think long-term!
- Learn to cut out useless information
Modern realities make it very important to stay up to date and follow the news, including financial ones. But you should not trust the information published in unknown sources and written by authors who just pretend to be experts in the field of finance. Listen to the those who observe the market situation, and analyze what you hear. Money is a resource that requires thoughtful and informed decisions and investments.
- Try something new
We often ruin our future with our own hands when become hostages to “the familiar thing”. The safe path is not always the right one. To move forward you need to stop being afraid of change, be ready to learn and try new things. This principle also applies to the financial sector: the first credit cards, cashbacks and cryptocurrency — all those things caused llts of concerns at first, faced bewilderment and doubt.
As a result, those who were able to see the future potential, and were not afraid to jump into fresh waters purchasing a new product, received their award for dedication to the future. Roger Ver, the head of Bitcoin.com, is one fine example. In 2011, when about $10 was given for one BTC, he assured the public of the future growth of the cryptocurrency. And indeed, after 2 years, the price of Bitcoin jumped to $1,200.
Cryptocean line of projects is created specifically for such enthusiasts! By bringing together the two different worlds — traditional payment services and cryptocurrency — you can discover new opportunities and expand your business with minimal risk.