Band 5+: Learning to manage money is one of the key aspects of adult life. How in your view can individuals best learn to manage their money? Give a reasons and include relevant examples form your own knowledge or experience.

In the modern world there is an opinion that financial literacy should be regarded as one of the essential parts of being a grown-up. I tend to agree with the given thought, so in the essay I will give some ways of money management learning.

Firstly, nowadays there is a great number of online courses that teach their user how to deal with finances. A great feature of such lessons is that most part of them has gamification techniques incorporated in educational materials, so teenager will not be bored while studying. Speaking from personal experience, my parents used this approach to teach my younger sister financial literacy as she tended to spend too much on candies and chips. After 2 or 3 different courses, she became more careful with her pocket money and even started saving up. This is a shining example of benefits of online courses in terms of financial literacy.

Moving to the another way, it can be a ‘learning by doing’ method, though, I believe, it will mostly work out for teenagers not younger than 15 years old. Parents come up with a monthly sum of money they give to their child and suggest a plan how he/she uses it, however spendings should not be controlled till the end of the month. In such case, a so-called student is given freedom in expenditures, the only limit is the amount of cash he/she has. At the same time if it appears to be hard to make up a way of spending a budget in such way that everything can be bought, a teenager can turn to the plan that was suggested by parents and look for inspiration there. My best friend was taught to be financially literal this way and now she always thinks twice before making an impulsive purchase, which prevents her from getting something extremely pretty and expensive, but totally useless.

To sum up, it is quite important to have one’s own way with finances. Luckily, there are several different variants of becoming financially literal person, for example, enrolling on an online course. Looking from the parents’ perspective, implementing a ‘learning by doing’ method can be a great help for yor daughter or son to become an expest in money management. Also there is a list of methods that were not mentioned in this essay, so that anyone can find the most suitable way for dealing with financial literacy.