Financial literacy is the ability to understand finance. Understanding finance refers to the skills and knowledge that allow you to make informed decisions on real estate, insurance, savings and taxes among many other financial subjects.

The problem

According to the Organisation for Economic Co-operation and Development (OECD), if you are bad in finance, you are not alone on this planet:

Canadians consider choosing right investments to be more stressful than going to the dentist.

Four out of ten American workers are not saving for retirement.

British consumers do not actively seek out financial information. The only information they receive is only acquired by chance and is not always reliable.

Sixty-seven percent of Australians think that they know the concept of compound interest, but when asked to solve a simple related problem only twenty-eight percent had a good level of understanding.

The origin of the problem comes from the school system that, until today, is failing to at least introduce our kids to the basics of finance we need for our everyday life. You have probably learnt a lot about credit cards, savings and loans from your personal experience. Imagine for a moment that you knew how to deal with your credit card payment before you went in trouble the first time you used it.

You need at least a degree in finance to consider yourself a financial expert but you don’t want to make a career in finance. You only need to manage your personal and day-to-day finances. You will find below some general tips that would help you manage your finances. Remember that finance is a vast world and you need to do your own research for every financial decision you are about to make.

Make use of the online tools

There are hundreds of online tools and apps online that can help you with various financial decisions like the loan calculators, life insurance calculators and others. Make a good use of these tools but always keep in mind that some of these tools are meant to have commercial motives, thus not always being on your side.

Every little bit counts

Start saving for your retirement! You are urged to cut from your spending and add it to your savings. Don’t say that your salary is not enough; just take it a buck at a time and you will notice that you can still manage your expenses while growing your monthly savings. A good tip that will help you save money would be to ask yourself prior to each purchase if you NEED this item or you simply WANT it. Try asking yourself this question for a period of time and you will discover that you are already saving money without thinking!

Use your credit card wisely

One thing most of the people do not understand is that a credit card doesn’t give you free money. Banks offer credit cards because they know that most of the people will improperly use it and will oblige credit card holders to pay interest. Credit cards are only made to help you purchase your everyday purchases like food and clothing. Do not buy things you can’t afford! Pay your bill on time and in full every month; don’t make the mistake of only paying the minimum payment each month it will increase the amount of interest.

Teach your kids

You don’t want your kids to fall into the same financial problems of the majority. Start teaching them the good use of finance from an early age. You will be sure that they will carry a life without financial trouble.

Owning a car can be an expense pursuit. There are many costs involved aside from the initial outlay of the car itself. To be legally allowed on the road, tax has to be paid either annually or bi-annually, you must have valid insurance and you must pass an MOT test once a year.

There is also the cost of fuel to consider; as the price of petrol and diesel continues to rise, driving is an increasingly expensive luxury.

When in doubt as to whether they should buy a new car, or what kind of car they can afford, many people choose to view their credit scores online . This will give you an idea of the state of your finances and help you to decide whether the extra expense of vehicle ownership is viable. If you have adverse credit then it might be worth putting off buying a car, or maybe choosing a cheaper or more economical vehicle.

Car insurance prices are variable and this is a great way to cut the cost of running a car. Insurance is largely down to two factors, your own driving history and the vehicle you are insuring. Broadly speaking, the larger the engine, the more expensive the insurance will be, and certain makes of car carry higher premiums.

Insurers take into account how long you have held your licence for, your age, and your claims record. Younger drivers are often better off going to specialist insurers that can offer reduced premiums if certain conditions are met including so called “black boxes” that are fitted in your car. Claims records can be protected so even in the event of an accident you can maintain your no claims discount and pass this between insurers at the end of the term. If you have only been driving a short while, are under 25 year old, or have zero no claims, then it is often a good idea to have another driver on your insurance policy to help lower your annual premium.

Other factors considered by insurance companies include where you live and how you store your car. Insurance premium amendments due to area are not changeable as they are done by postcode but regional insurers may break this down further based on local knowledge. Finding somewhere to park your car at night or during the day while you’re at work that is not on the road will reduce your premiums.

When shopping for insurance be sure to go direct to providers as well as using price comparison sites as there are some that are not included and you may get a cheaper quote. Make sure you are honest when gathering quotes as lying will render your policy invalid. Happy (affordable) motoring.

Dental care is very expensive, especially without any sort of dental insurance. Even with dental insurance, the costs are still high for the average American. In fact, a lot of companies don’t provide dental insurance to their employees so they can save money.

This leads many to skip going to the dentist all together, which can make problems worse in the long run. Others go to foreign countries where it is cheaper, but that can open up a host of problems too without the proper research. That said, there is still a great solution not far from home. One great way to get affordable dentalwork is to go to a dental school, available in many urban areas and college towns. If this sounds promising, then here’s what you need to know.

Price

The price is much lower at a dental school, whether it’s for cleanings, cavities, or even advanced work – it’s all much cheaper. Dental offices have rent, employees, and other expenses, so just to make a profit they have to charge high prices. At a dental school, they charge nominal amounts – just enough to cover the costs to associated with the dentalwork. Procedures that costs thousands at an office can be in the hundreds at a dental school.

Changes

Perhaps one of the most pleasant surprises of going to dental school is that you get the perspective of someone new and fresh in the field. In other words, tactics change from generation to generation, and you may find that someone who’s just entering dentistry has knowledge of new, streamlined, and perhaps more affordable and less painful tactics of healing, or perhaps even a reason not to panic about something that a more experienced dentist would balk at.

Competency

The dentists in dental schools are all supervised by professional, long-time, experienced teachers, so the likelihood of a major error or problem is low. Know that they will certainly take a conservative approach with your teeth. Besides this,anyone in dental school that is allowed to work on patients has certainly excelled enough to be able to do this.

Ease of Appointments

A lot of times, getting an appointment at a dentist’s office is difficult. This is not true with dental schools, though of course you should call ahead. Dentists are notorious for having to make appointments months in advance, unless of course you have an emergency. Many dental schools even allow walk-ins.

Weekend Work

Many dental schools open up on weekends for patients. This is very difficult to get at most dentists office, since they are usually open Monday-Friday. Dental schools keep very long weekend hours because they know a lot of their clients are working class and can’t get time off during the week.

Dental schools are a great option for anyone, but especially those with financial need. The dentists here are competent, insured, and have all of the latest technology. The great thing about them is that if you really like adentist, you can then find his or her office once they graduate. Don’t be afraid of going to a dental school for work, because it is almost always much better than most people realize, and of course much better than avoiding the dentist all together!