Debt Awareness Week is an annual event dedicated to raising awareness about the importance of financial literacy and responsible debt management.
Tips for Financial Literacy:
- Budgeting: Create a monthly budget to track income and expenses. Allocate funds for essentials such as housing, utilities, and groceries, and set aside savings for emergencies and future goals.
- Debt Management: Prioritise high-interest debt and develop a repayment plan to pay it off as quickly as possible. Consider consolidating debt or negotiating with creditors to lower interest rates or payment terms.
- Saving and Investing: Start saving early and regularly contribute to a savings account or retirement plan. Explore investment options such as stocks, bonds, and mutual funds to grow your wealth over time.
- Credit Management: Monitor your credit score regularly and understand the factors that influence it, such as payment history and credit utilisation. Use credit responsibly and avoid maxing out credit cards or opening unnecessary accounts.
Visit The Lighthouse Charity’s #WellbeingAcademy to further expand your knowledge of personal finance: https://lnkd.in/emdqQTtu