12 Personal Finance Basics Every Beginner Should Master

The basics of finances include the process of managing your money and how you make use of the funds you are generating.

1. How Credit Cards and Interest Rates Work

Personal Finance Basics You Must Master

It’s critical to learn this information before getting a credit card, as it can keep money in your pocket and help you remain debt free.

2. How to Balance a Checkbook

Personal Finance Basics You Must Master

If you aren’t using a checkbook and are using banking apps, make sure you are keeping tabs on what is in your accounts. This is also where budgeting matters.

3. The Budgeting Basics

Personal Finance Basics You Must Master

Budgeting is a personal finance basic all should master at first. Spend some time on your bills, your living expenses, what you are spending money on, your savings, etc.

4. How to Establish and Fix Credit

Personal Finance Basics You Must Master

No matter your feelings towards the credit scoring system, building good credit is so essential. It can truly affect your ability to rent an apartment, buy a house, get a car, etc.

5. Investing and Stock Market Basics

Personal Finance Basics You Must Master

Start with the very basics of investing, how it works, what a 401k or IRA is, etc. Then move on to managing your investment portfolio and what the maintenance looks like on that.

6. Managing Your Debt

Personal Finance Basics You Must Master

Understand why paying the minimum every month can drag out payments and cost you money, as well as various debt payoff techniques.

7. Maximize Employee Benefits

Personal Finance Basics You Must Master

It’s important you read their documents in detail and reach out to HR about all the benefits you might be able to utilize.

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