Financial Literacy 101
Talking about money, how much you spend and how much you earn, can be totally awkward. What some people think is expensive, others think is a bargain. What some people think may be common sense, may never have been explained to someone else. So with BankVic, we have gone back to basics with simple financial advice.
1. Spending more money than you earn will leave you in debt. While having a credit card might feel like a necessity, it can make keeping an eye on your spending tricky. Handle with care and use your banking app to keep an eye on the balance.
2. If you do have a credit card, be sure to pay it off in full each month. Not only could you potentially get a discount for paying on time, if you don’t, interest will start adding up. Make your money work smarter, not harder.
3. Pay yourself first. OK you’ve probably paid your taxes first BUT work out an amount that you can transfer to a separate bank account as soon as you get paid. It might be for a holiday, your next shopping spree or an emergency like a new roof – but it equals financial freedom. Spend what you have, not what you don’t.