The Complete Guide to Spending
April is Financial Literacy Month, meaning there’s no better time to talk about spending. Oftentimes, spending money gets a bad rap, but it’s a major part of life. In fact, it can actually be something very positive, when you have a strong sense of financial literacy.
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Known as the skills and knowledge needed to make educated decisions that keep your bank account healthy, financial literacy is composed of five key principles, according to the Financial Literacy and Education Commission. This includes earn, save and invest, spend, borrow and protect.
It probably won’t come as a surprise, but one of the most important parts of spending is knowing where your money is going. This comes from tracking your spending over a certain time period — typically at least a month — so you can see exactly how much you’re spending in different categories.
When you’re privy to this information, you can create a budget. Having this valuable tool at your fingertips will allow you to realize your financial goals.
Ready to find a budgeting style that works for you? GOBankingRates has no shortage of guidelines to help you take control of your spending habits.
Here’s a look at our guide on spending:
- How To Set a Realistic Budget You Can Live With
- The Best Budgeting Options for Every Type of Person
- The 50/30/20 Rule: Is It the Best Budgeting Method?
- What Is Zero-Based Budgeting?
- Fixed Expenses vs. Variable Expenses for Budgeting: What’s the Difference?
- Shopping Mistakes You’re Making and How To Stop
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