Photo: Exceltor.com How good is your knowledge of personal finance? Do you consider yourself financially literate?
Having good knowledge of personal finance is arguably an exhaustive list composed of understanding items such as: credit cards, mortgages, taxes, the rates of a loan, the benefits of government regulated programs like the Registered Education Savings Program (RESP) and the Registered Retirement Savings Program (RRSP), and the list goes on and on.
Everyday, I learn more about personal finances as I am eager to improve my financial literacy. Learning about personal finances is a life long process as a housing mortage, RESP and RRSP (to name a few) will happen at a later stage in your life and you will probably not be thinking about these things during your university years.
Budgeting your personal finances will be a critical task and an important life skill to learn. From paying bills (groceries and utilities) to montly rent, tuition and managing your bank account.... you'll probably learn a lot about this stuff over the next 3 to 4 years. Simple budgeting goes a long way and can help develop good spending habits and paying your bills responsibly and on time.
On that note, I thought I would share two interesting articles with you. One is an inspiring story about a middle-school in the Bronx of New York City that has used an economics-based curriculum to foster financial literacy and math skills, the other is about the importance of financial literacy courtesy of the New Yorker.
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