A-List of Financial Sciences a Student Should Master
As a student, which financial science have you mastered so far? Well, if you want to be financially successful in the present (while studying) and in the future (after graduation), you should know some special knowledge in finance.
The number of products issued by financial institutions nowadays sometimes makes people live more than they can afford. Therefore, we need to improve financial literacy (finance knowledge).
Financial literacy also means understanding financial planning and its products, such as savings, credit or loans, insurance, and investment instruments. Both financial planning and products are relevant to our daily lives, especially students’ daily lives. Therefore, they need to master the following types of financial science.
The Types of Financial Science that a Student Should Master
There are several types of financial science that a student should master—specially to achieve success in the present and the future.
- Knowledge of Your Finance
For a student, knowledge to plan personal finances is also important. Concerning academic matters, you as a student need to manage your personal money well to fulfil your daily needs, such as transportation costs, expenses for consumption, or funds for holding group studies. Don’t let the money that has been allocated in your financial planning run out prematurely.
- Financial Science on Savings & Loans
The main function of the banking system in supporting the country’s development is collecting funds from the public for later distribution. It collected public funds can be in the form of savings, current accounts, and time deposits. Savings are usually accompanied by a card used to take or deposit cash at an ATM (automated teller machine). In addition to that, the additional function of the savings card is as a debit card that can be used for payments when you shop at certain shopping centers.
These days, there are also credit cards and e-money cards that can also be used as a means of payment. However, people need to be wise and vigilant about using credit cards. It is a good idea to first know the advantages and disadvantages of each banking product before deciding to use it.
For students, banking products are certainly beneficial for both personal and academic purposes. Payment of tuition fees can now also be made online, which is also an advantage of banking products.
- Knowledge on Insurance
Based on the OJK (Financial Services Authority) provisions, insurance is an agreement between the insurer and the insured who are required to pay a certain amount of money as a premium (monthly insurance premium). This premium will later cover the cost of risk of damage, loss, medical expenses or hospitalization, education costs, and even death.
As a public or a student, you must be careful in choosing a trusted insurance provider. It relates to the redistributing of customer funds when they are needed. Many insurance institutions take their customers’ money away, and of course, you don’t want this to happen.
- Financial Science Linked to Investment
As a financial product, investment can be a sacrifice for someone as they have to keep themselves from using the money, they have saved for a certain time to make their plans come true. Along with the times and people are increasingly concerned about their future, many people have recognized and applied investment.
We need to choose the right investment instrument for our plans or passive income. From stocks, bonds, mutual funds, gold, land to the currently trending cryptocurrencies, you can choose investment instruments that suit your interests and future needs. As a student, there is nothing wrong with learning to invest, especially since many young people are now aware of the benefits of this financial product.
After knowing the various types of financial science above, which financial product will you choose to realize your plans? As a student, you still have to be wise in determining your financial management, whatever financial product you choose.