Top 5 Tips to Increase your Financial Knowledge
Despite the many skills provided to us by the UK curriculum, it’s easy to leave school with a pretty limited financial understanding.
There’s no shame in admitting that you don’t entirely understand finance — it can be a daunting world to navigate. Sound familiar? then despair no more.
Here’s our Top 5 tips designed to help you increase your financial knowledge.
1. Google is everyone’s friend
This may seem like an obvious one, but the journey to financial wisdom can start with nothing more than a humble Google search. Just punch in a question and you’ll be given plenty of articles to sink your teeth into, and since you’re reading this one, you’re off to a great start.
If you’re not sure what to look for, just think to yourself, do you know what FX is? An ETF? APR? Have you opened an ISA? If the answer to any of these is no, then type them out and read up!
Be careful to filter out the clickbait, there’s still an abundance of info out there, on sites like Investopedia, Biz/ed and Khanacademy, which are designed to explain essential terms and processes in ways beginners can understand.
2. Get ahead of the game
This is the technological age, make the most of it! There are plenty of apps on the market, like Zeux, which allow for a closer, more independent means of understanding and managing your money.
Previously, you may have been at the mercy of expensive accountants or retail bank cashiers, but now you can get all the information and facilities you need in the palm of your hand. Start looking now, and take advantage of a changing financial landscape.
3. Virtual practice, real results
It’s been said before, but we’ll say it again — the best way to improve on any skill is to use it. Try platforms which allow you to play around with an investment simulator. Virtual traders and investment demos let you practice without real money, allowing you to develop skills in a risk-free and comfortable environment.
There’s no time like the present for immersing yourself in something particularly close to the real thing. We’re also aware that reading can only get you so far, and we don’t all have time to pore over books all day. Have some fun while getting some great practice, and eventually you might just feel confident enough to dabble with the real thing.
4. The power of page-turning
Now, we know that it’s not the most time-efficient way of improving financial knowledge, but it’d be difficult to find a better way of reaching a truly advanced level of understanding than books. The better ones can go into phenomenal detail about the minutiae of finance, and if you can find the time, it’s always a good idea to have a good book on the go.
In addition to books, despite the fact that you don’t get to pick and choose exactly what you learn about, it’s excellent practice to start reading regular business and finance magazines like the The Economist or Business Insider. These will help keep you informed about current trends, the economic and financial climate, and make sure your knowledge is constantly being topped up. Just check out some reviews, and you’re bound to find a cheap, reliable, and most importantly, informative newspaper or magazine which is perfectly suited to your financial needs.
5. Stay close to your finances
And finally, always remember: maintain a close relationship with your own finances! This cannot be stressed enough, if you monitor your spending, balance and budget, you will soon learn what works and what doesn’t.
All too often, people neglect their personal finances which leads to overspending and debt, without furthering their financial understanding at all. There’s no better practice than taking care of your money, making sure you know exactly where it goes and how it can be put to good use.
If you truly want to improve your financial knowledge, stick to the above points. Ensure you read plenty of different materials, make the most of available technology, and remember, practice makes perfect!
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