You will be surprised to know that there are still some people who think that personal finance is not important, or learning basic financial literacy is just simply not a priority. If you were to think about it, perhaps it will take you at least a week or so to learn the fundamentals of saving, budgeting, and investing – all of which could potentially increase your financial status, but we much rather all spend the time chasing after the latest Netflix series or the latest news of our favourite K-pop idols.
But hey, there is perfectly nothing wrong with binge-watching to your favourite Netflix shows or watching your latest K-pop idol music videos. This article is not here to shame you for doing so, but would much rather try to educate you that financial literacy, like it or not, is EXTREMELY IMPORTANT and you should pay close attention from now on.
Singapore has put in tremendous effort in trying to increase financial literacy among youths. As seen in the launch of the Citi-SMU Financial Literacy Programme for Young Adults in April 2012 with the support of the Citi Foundation, this program seeks to equip the relevant personal finance knowledge and skills to youth. MoneySense, which is also a financial information portal supported by the government, was also launched to help educate the public about the importance of taking control of your personal finances. These are just some of the many initiatives we’re sure you’ve had your fair exposure with.
However, some are still oblivious to the fact that taking charge of your personal finance requires correct habits, ongoing practices, and patience to achieve financial freedom. And it is because of this tedious process, we end up giving up on trying to achieve our financial goals. We tend to just want the easier way out or we overcomplicate things. Most people probably start off their personal finance journey with the mindset of getting rich overnight, only to discover later that it’s almost impossible to do so.
What happens if you give up?
Not knowing how to manage your money wisely or not knowing where you stand financially can have several repercussions. You might struggle to pay bills because you have yet to learn how to budget wisely or not having sufficient emergency funds to cover unexpected expenses. You might be declined to get a loan because of your bad credit score or having to declare bankruptcy (touchwood, of course) because of too much debt accumulated. No matter how busy you are, please always take time off to learn a thing or two about the basics of financial literacy, because the above situation is definitely not something you want to experience.
Take Control of Finance Journey!
There are many ways to do so, and many answers are already readily available on the Internet or you could check out some of our other articles to help you manage your financial woes. All you need to do is find a method that is best suited for you. Most importantly? Commit and really stick through your plan – because nothing good comes easy. Achieving financial freedom is something that everybody wants, but not many can achieve it. And if you would like to have a taste of what it feels like, you need to go through the mundane journey of saving, budgeting, investing, and many more!
Psst: If you know someone who needs a little encouragement, feel free to share with them this article! And don’t forget to sign up for a FREE personal finance booklet if you would like to discover various interesting tips and tricks to navigate around the financial scene in Singapore!