A lot of times you would have heard people telling you to learn money management before deciding to study abroad. Managing your money is a skill very much like coding, writing and data analysis. It can help you in numerous ways in life and you can end up saving a lot of money even with a small amount of earning. Financial literacy refers to the knowledge of things such as student loans, interest rates, accommodation prices, credit scores and budgeting.
Not being able to understand these concepts may have a negative impact on your future. After you decide to study abroad, you will be all by yourself. This means that you have to make decisions for yourself and also take the responsibility of choosing the right things. It is advised that all the schools must meet their students financially literate in order to promote finance understanding from an early age.
Some important financial concepts that students must be aware of are budgeting, tracking their spending, saving money and maintaining their accounts for a healthy credit score.
