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UAE: Here are six cost-effective tips to improve your financial literacy

How to have the knowledge and confidence to efficiently and effectively manage your money

Last updated: July 23, 2020 | 20:03

Justin Varghese, Your Money Editor

2 MIN READ

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Being financially literate means having the knowledge and confidence to efficiently and effectively manage your money.

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This includes everything from getting out of debt, budgeting, insurance, investments, real estate, college and retirement planning to tax and estate planning.

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Subscribe to financial newsletters from trusted sources and content that is designed to really benefit you.

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Morning Brew and Finimize are free-but-popular personal finance newsletters.

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Two Cents is a sub-blog that delivers daily personal finance and investment strategies to your inbox.

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Podcasts can be a great way to soak up financial news while going about our daily routines.

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Some of the popular ones include ‘So Money’, ideal for newbies, The Dave Ramsey Show, useful for those struggling to get out of debt.

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Also, ‘The Fairer Cents’, is seen ideal for women, while ‘Money for the Rest of Us’, is great for newbie investors.

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Learning about personal finance is important at just about every stage in life.

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Renowned financial planner Dave Ramsey’s book on debt management ‘The Total Money Makeover’ sells for $7 (Dh25) a copy.

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‘Rich Dad Poor Dad’, which sells for about $6 (Dh22), is a memoir with lessons on how to manage money.

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Use your favourite social media channels to follow financial experts on Twitter or LinkedIn.

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DailyWorth (@DailyWorth) or well-respected personalities like Manisha Thakor (@ManishaThakor), Annamaria Lusardi (@A_Lusardi) give out helpful related tips!

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Apply what you have learnt to budget and track your finances.

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Applying the knowledge you have gained to practice helps grow your finances.

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When in dire need, a financial professional can answer your financial questions.

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The planner can help you assess your current situation, help you make a plan for all of your financial needs.