The following resources can help with learning how to make good financial decisions and achieve goals.
Credit for background research: WFP, UNCDF and PHB — Financial literacy training toolkit.
Your net worth is simply the difference between your assets (what you own) and liabilities (what you owe).
You can calculate yours by adding up all of the money you have, including the balances in any checking, savings, retirement or other investments. Then subtract all of your debt, including any other loans or obligations.
The resulting net worth number helps you take the pulse of your overall financial health.
Mobile money is a fast, affordable, and convenient way of sending money anywhere. These transactions include transferring funds between accounts, depositing or withdrawing funds from an account, or paying bills.
You may touch upon these concepts within a mathematics course, it’s important to understand the different aspects of interest rates, like compound interest. Not only can it help you save even more, but it can make the difference between borrowing a small amount and paying back much more than you need to for years to come.
When you’re investing or saving, compound interest is earned on the amount you deposited, plus any interest you’ve accumulated over time.
However, when you’re borrowing, compound interest is charged on the original amount you were loaned, as well as the interest charges that are added to your outstanding balance over time.
Agency banking allows traditional banks to extend their services through authorized agents. The Agent uses the bank structure to deliver services on a commission.
