The Importance of Basic Numeracy Skills When Living on a Budget

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Living on a strict budget can be hard to work out at times. There are always many different things to take into consideration, from your exact incomings as a wage, to your rent or mortgage, utility bills, mobile phone bill, monthly grocery budget, and whether or not you have children or other dependents that are reliant on your wage in order to survive. It could be that from time-to-time you require a little bit of assistance in the form of a short-term loan.

In recent years, short-term loan lenders, payday loan companies, have upped their game, with many responsible lenders proving that there is help out there for people in a short-term fix. They will always take into account your incomings and outgoings and only agree to provide you credit if you can demonstrate that you can either pay the debt back in full (including clearly stated interest) on your next payday, or that you can afford to repay the debt over a set period of time and staggered payment dates.

No matter your employment and financial situation, and your allowable budget, it is always beneficial to have basic numeracy skills when living as an adult. Many UK citizens have little to no grasp of basic numeracy and it can have a massive impact on our ability to live within our means. Being better with numbers is something that you can learn at any age, and there are real benefits to doing so.

First, being better with numbers will help you to gain greater control over your personal finances. Managing your money from day-to-day, week-to-week and month-to-month will help you to prevent getting into debt. Learn about how much money you have coming in from your employment and exactly how far it will stretch and on what items. With basic maths knowledge you can have confidence in creating a strict budget for your household, including grocery shops, utility bills, rent or mortgage, and anything extra that you have as disposable income.

With knowledge of numbers you’ll be better at spotting a good and a bad deal when shopping, which in turn helps you to live within your newly created budget. You’ll also have a better understanding of any credit cards and loan agreements that you have in place, and how they affect you every day, including any interest that is added on to the credit that you owe.

Education of any kind is good for your mental health and is known to boost your confidence. Having that core understanding of numbers will help you to have confidence in everything that you do, and is also an advantage as you move through your career, opening up different opportunities.

If you have been living on a strict budget and you are worried about potential future debt, or current debt, learning maths and basic numeracy no matter your age, will help you to get a grip of the situation and plan carefully how to move forward in a positive fashion.