As you know very few people can tell honestly that they are really financially educated. To my great regret the vast majority of people lack financial literacy. As you know only a small portion of people spend less than earn especially during economic recessions like this one. Many people have financial difficulties. As you know very often our financial difficulties are significantly powered by our bad habit of taking consumer loans from time to time. So it’s high time to answer important questions closely connected with out financial life. How should we keep a family budget? How should we keep our savings? And so on.

Now let’s calm down and try to answer these vital questions. It goes without saying that we should start with basic a definition. For example I should explain what this financial literacy means. To cut a long story short financial literacy is a set of very basic things that do not require special knowledge. First of all financial literacy includes records of income and expenditure. These records form the bulk of the family or personal money management. Secondly, I should also mention a long-term planning. Of course our financial habits can’t be ignored.

People want to know how life cycles influence financial planning. So we all go through the life cycle. When we are young we still learn how to live in this world and our revenues are quite small. Over time, they tend to increase. Then a vital necessity to set goals appears. We have to set goals all the time such as buying a refrigerator, microwave ovens, cars, apartments and so on. Then it’s high time to have children and you start saving for their education. And then you should prepare for your retirement. So as you can see our life is one big cycle and we should take it into account. Exactly because of these life cycles we should have long term plans. And we should also be able to choose between different alternative strategies. Some guys enter the nearest store, see the first thing and take a loan to own this thing immediately. To my great regret this scenario is widely spread now. People don’t plan their financial life and as the result they have to face unwanted consequences. For example bad credit is one of the worst consequences of our financial illiteracy.

Of course you want to know how to keep your budget. There are different ways. You can do it manually or you can use different computer programs for this purpose. The most important thing is that you should record all your spending and profits regularly. And of course you should analyze your records and make corresponding decisions. As you can see it’s not so difficult but you should do it regularly. I advise you to start planning your funds right now.

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