You hear people talking about how personal finance should be taught in school. So I got to wondering, what are the things that everyone should know about personal finance? Here’s my list, in no particular order.
Everyone should know how to…
Choose & open a checking and savings account.
Balance their checking account. (And that they SHOULD balance their checking account.)
Create a workable spending plan (aka a budget).
Guesstimate the amount their take-home pay will be from a job.
Negotiate starting pay and pay increases.
Figure the amount of discounts.
Grocery shop wisely.
Pay a bill (and what those due dates really mean).
Avoid getting into trouble with credit/debt.
Return an item.
Ask for discounts.
Negotiate on big-ticket items.
Complete a basic tax return.
Possibly save money on taxes.
Figure a restaurant tip.
Check their credit report.
Watch out for fees & the “nice” things that banks & credit card companies offer.
Calculate the true cost of buying an item over time.
Read the fine print.
Save for long and short-term financial goals.
Pay themselves first (and last).
Understand how interest is calculated on savings
What do you think is important to know? What have I left out?