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Last month, we launched a brand new series in celebration of #FinancialLiteracyMonth that aims to promote financial inclusion and literacy by explaining some of the most popular jargon within the financial community.
And with Part One covering everything from budgets to sinking funds, today we're breaking down:
🎯 financial goals
💳 credit scores
📚 financial literacy
Whether you've just embarked on your journey towards better finances or consider yourself an expert, we believe that it's never too late to learn something new - so, regardless of where you are on your financial journey, we hope this series provides some valuable information and inspires you to learn more!
1) A "Financial Goal"
Official definition:
Noun: a monetary target that you set for yourself and then try to achieve it.
Our definition:
A financial goal is a target or objective that a person sets to achieve with their money in the future. These goals can differ from person to person depending on their circumstances and can vary from something simple like saving up money to buy a new phone to bigger expenses, like putting down a deposit for a house.
Having concrete goals to work towards helps us stay motivated on our financial journey, and can turn our dreams of becoming financially independent and achieving financial freedom into a reality.
Read more:
2) "Financial Literacy"
Official definition:
Noun: the possession of skills, knowledge, and behaviours that allow an individual to make informed decisions regarding money.
Our definition:
Put simply, "Financial Literacy" refers to the ability to understand and then use various financial skills to improve our financial habits.
Financial literacy doesn't just help us to understand how money works, it also helps us to manage our finances responsibly and can cover a range of topics, from budgeting to investing.
At ImageNPay, we aim to make financial literacy accessible to people of all ages from all backgrounds. From publishing blog posts and Instagram posts on a range of financial topics to encouraging financial education for kids with our ImageNPay Family product, we're determined to help people improve their money habits for the better.
Read more:
3) Your "Credit Score"
Official definition:
Noun: a numerical rating based on an analysis of a person's credit history to determine the 'creditworthiness' of an individual.
Our definition:
Your 'Credit Score' is a score out of 1000 (or 700, depending on which platform you use) that aims to represent a prediction of your 'credit behaviour', i.e., how likely you are to pay a loan back on time. The higher your number, the better you'll appear to potential lenders.
If you have a higher score, you'll have a better chance of being accepted for applications for personal loans and credit cards. The lower your score, the fewer options you'll have (and you may only be eligible for credit cards with higher interest rates).
Read more:
What money jargon would you like to see us break down next?
Join the conversation on the ImageNPay Instagram and stay tuned for Part Three coming soon!
Ready to take the next step in reaching your financial goals by improving your spending habits?
The ImageNPay app can help! With your very own virtual prepaid card, you can set spending limits, enjoy safer spending online and in-store, and more.
Tap the button below to find out more and download ImageNPay FREE on App Store and Google Play!
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