Metra Trust Academy: Empowering India with Financial Knowledge

Helping India Learn Finance, One Step at a Time

Metra Trust Academy, an initiative by Metra Trust, is committed to democratizing financial knowledge. Our mission is to empower every Indian with financial knowledge, enabling them to make informed financial decisions for a bright future.

Financial literacy isn't just for investors, market experts, and bankers, it is useful for everyone. Whether you are a student trying to secure your future, a businessman managing daily cash flow, or someone who just wants to control your finances better, financial literacy helps. It's easy to think that financial literacy is all about tracking your spending and saving which doesn't require much knowledge. But it helps you to understand more complex ideas such as investments, budgeting best practices, credit use, and debt management, among other things. 

What is financial literacy and why is it important?
 

Financial literacy means possessing the knowledge, skills, and behaviours important to make practical money-related decisions. This includes skills like knowing how to budget, save, better utilise credit and loans, invest in the stock market, or plan for retirement. Lack of financial literacy can result in negative consequences such as high debt, a poor credit score, and an inability to build wealth. But why does financial literacy really matter?

Consider two individuals: Sahil and Saurav. Sahil spends all his income as soon as he gets it, never saving or investing any part of it. On the other hand, Saurav sets aside a part of his income, avoids unnecessary spending, and seeks ways to multiply his money. Over the years, a substantial financial cushion forms for Saurav. And Sahil? He still struggles with unpaid bills. The difference? Saurav has more financial literacy than Sahil.

●   Budgeting helps you allocate your funds for essentials like food and rent. It also helps you set limits on spending for items you may want but don't need.

●  Savings highlights the importance of keeping money away for the future.

●   Investing is crucial to grow your wealth and achieve various financial goals.

Moreover, having money management skills means you can better prepare for emergencies. Unplanned expenses like medical bills or sudden job loss won't throw you into a crisis. Besides, you can plan vacations, buy a property, or meet any other financial goals that you may have by undertaking strategic financial planning. Smart money habits don't just improve your bank balance, they enhance your quality of life.Steps to improve your financial literacy.

Steps to improve your financial literacy  
 

●        Learn investment basics: Study terms like stocks, bonds, and mutual funds. Through books and online courses, you can learn concepts like what is financial literacy for students, professionals, homemakers, seniors, and more. This information can help you understand what financial literacy and investment tips entail for each group. As you read, note down key points that are relevant to you.

●        Regularly review credit reports: Your credit score impacts your ability to apply for loans and even impacts the interest rates that you can secure. Errors on these reports can cost you, sometimes significantly. There are websites that offer free reports, making it easy for you to spot inaccuracies and take action immediately. A better credit score often means better financial options.

●        Use mobile banking applications: Mobile banking apps help you manage your money better. For instance, the Metra Trust mobile banking app offers an easy-to-use interface that simplifies personal finance. With just a few clicks, you can review your account balance, pay bills, transfer funds between accounts, open a fixed deposit, and even invest. Such convenience and control can help you improve your money management skills.

●        Talk to financial advisors: While friends and family offer advice, it may not be the most accurate or beneficial for your specific financial profile. A certified financial planner provides professional insights that reflect your unique situation. Advisors can help you plan for retirement, save for a home, or manage debt in a strategic manner. 

Conclusion

The basics of financial literacy and personal finance are simple to follow and implement. You don’t need a finance degree to effectively apply these practices to your life, but they can enhance your financial health significantly. So, take the first step with Metra Trust Academy and make these practices a part of your daily regime. Your wallet may feel heavier and your stress lighter.




 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.