Finance
What is finance?
Finance is the science of money management. Managing money includes budgeting, saving, knowing where to store your money, how to store your money and many more concepts that will be beneficial to your financial success. You can only successfully manage money by learning and then by actually applying the learned concepts.
Saving
Saving in relation to money is the act of storing money and adding to what you stored for it to work as a contingency.
The best way to save money is by putting it in a bank. The worst way is by keeping it under your bed. In a bank your money is secure and it also has the potential to grow among other things depending on how much you put away, and which bank you decide to put it in. Different banks fit different people and offer different benefits some of which may fit your specific needs and others that won’t.
Credit
Credit is borrowed money and it’s acquired by getting a credit card. Think of it as a set loan amount that you are allowed to spend every month. Credit can be both good and bad for you but that all depends on how you use it. The way a credit card company works is that they give you a principle amount of money that you can spend during each billing cycle. Within that cycle you can spend all of it or none of it. However, what you do spend you have to pay back in full otherwise you’ll be charged interest until the fixed sum is paid back. Once you start using a credit card you’ll also receive a credit score which is used to determine how responsible you are with your money and if you can be expected to pay what you owe, to a loan office, credit card, etc.Always remember that the money on your credit card is not your money. It is borrowed money and like anything that's borrowed you have to give it back.