Financial Literacy and Saving Money: A Path to a Prosperous Future

Murodjon Asomidinov is the son of Farkhod

Tashkent region, Bostonliq district,

 9^th grade student of a specialized school

                                                  Abstract

Financial literacy and saving are crucial elements for ensuring personal financial well-being in today’s rapidly changing economic environment. This article examines the concept of financial literacy, its importance, and the role of saving in paving the way to a prosperous future. It discusses the importance of making informed financial decisions, the impact of saving on individual economic stability, and the significance of investing for long-term wealth generation. By improving financial knowledge and applying these practices, individuals not only enhance their income potential but also adapt more effectively to economic changes in society. This article provides insights into how financial literacy and saving contribute to a stable and prosperous future.

Keywords: Financial literacy, saving, investment, personal finance, economic stability, prosperous future, financial planning, goal-setting, decision-making.

Today, economic changes, various financial crises and unexpected situations force many people to face their financial situation. Thus, the importance of financial literacy and saving money has increased dramatically. Financial literacy includes not only knowledge of finance and economics, but also money management, saving and effective investing.

A high level of financial literacy enhances an individual’s ability to manage their finances, while also greatly helping to ensure future economic stability. In this, the role of saving money is also important. This article details the relationship between financial literacy and saving money, and how these processes pave the way to a prosperous future.

Financial Literacy: Meaning and Importance

Financial literacy means not only managing financial resources, but also taking a rational and knowledge-based approach to making personal and family financial decisions. Improving financial literacy also encourages people to save money, invest, manage debt and improve their financial situation.

Increase financial literacy

To improve financial literacy, one must first understand the basic concepts of finance. For example, it is important to have financial information, budget, meet tax obligations and know how to pay off debts. An understanding of developments in international financial markets, investment strategies and risk management is also essential.

Another important aspect of improving financial literacy is self-financial education. This can be achieved through distance courses, books, articles and seminars. Today, it is very easy to obtain financial knowledge through online resources, which provides a convenient opportunity to use this knowledge in various areas of life (Shamsutdinova, 2023).

Financial decision making literacy

Literacy is very important in making financial decisions. People need to analyze their income and expenses, determine the necessary savings and investment options in order to make the right decisions. For example, when creating a family budget, it is necessary to plan expenses, monitor monthly income spending and direct it to savings.

With a high level of financial literacy, people make the right decisions about saving, borrowing and investing effectively. Thus, they create a solid foundation in ensuring their well-being (Davronov, 2023).

Saving money: basic principles and methods

Saving money is an important factor in ensuring financial stability. Through the habits of saving money, a person not only improves his current financial situation, but also prepares himself against unpleasant situations that may arise in the future.

Basic principles of saving

The first and most important principle of saving money is accurate planning of income and expenses. It is necessary to spend a certain part of the earned income on savings every month. To achieve this goal, it is important to correctly estimate monthly expenses and income. For example, you should spend 20-30% of your monthly income on savings. For this, it is recommended to classify costs and reduce unnecessary costs (Karimov, 2022).

Another important principle of saving is to create an emergency fund. It is very important to accumulate the necessary amount of savings for unexpected situations such as emergency funds, illness or job loss.

There are several effective ways to save money. One of the most common methods is budgeting and tracking expenses. By having a clear view of their income and expenses, a person will be able to reduce unnecessary expenses.

In addition, using the automatic saving method is also effective. For example, a certain amount of income can be automatically transferred to the fund every month. This method is especially convenient for individuals who require responsible financial management.

Investing is also important as part of financial literacy and saving money. Through investments, it is possible not only to increase current savings, but also to create sources of passive income.

There are many different ways to invest. The most common types of investments are stocks, bonds, real estate, etc. Each type of investment has its own risks and benefits. Therefore, before investing, it is necessary to analyze the market and get financial advice (Shamsutdinova, 2023).

Stocks are investments in shares of companies. By buying shares, individuals can share in the company’s profits. Also, bonds are another form of investment, which means betting on debt bonds issued by various organizations.

Investment and risk management

Before investing, an investor should determine his level of risk. Risk management plays an important role in financial literacy. It is possible to reduce the risk of an investment portfolio by means of diversification (dividing investments into different assets).

Road to a prosperous future

Financial literacy and saving money is one of the most important tools for personal and family well-being. They help maintain a solid financial position in a changing economic environment. Through personal financial management and effective investing, everyone has the opportunity to make their future sustainable.

Summary

Financial literacy and saving money are important in everyone’s life. Together, these two elements play an important role in ensuring personal well-being. By increasing financial knowledge and developing saving habits, one can improve not only the current financial situation, but also the future. It is also important to increase income through effective investment and risk management. Thus, by becoming financially literate and saving money, everyone can take steps towards a prosperous future.

                                           List of references:

1.Shamsutdinova, M. (2023). Moliyaviy savodxonlikni oshirish: Amaliy yondashuv. Toshkent: Iqtisodiyot nashriyoti.

2.Karimov, R. (2022). Tejash va investitsiya qilishning asosiy tamoyillari. Toshkent: Moliya va iqtisodiyot.

3.Davronov, B. (2023). Moliyaviy qarorlar qabul qilishda savodxonlikning o’rni. Tashkent: O’zbekiston iqtisodiyoti.

Pen fee

There was a commotion in the village,

A message spread.

Our neighbor Mashrab brother

It’s a great piece of writing.

Taralibdi dovrugu,

Across seven neighborhoods.

Even this in the city

Everyone who walked said.

Then go to the publisher

Print your work.

To the money from it

Take a dry bag.

Umida Haydaraliyeva  Bahromjon qizi.

 Student of “B” grade of 8th creative school named after Erkin Vahidov, Margilan city in Uzbekistan.

The surroundings are quiet and peaceful

Inspiration comes to the poet,

He writes poetry slowly,

Even without lying down to sleep.

Inspirational poets

From a beautiful nature.

But this is a poet

Inspiration from the dark.

About beauties 

He wanted to write.

But once

He wished he could see them.

Muhabbat Abdurahimova G’ayratbek qizi

Student of “B” grade of 8th creative school named after Erkin Vahidov, Margilan city in Uzbekistan

Respect for the teacher 

Thank you so much, teacher,

You have worked hard.

Always be respectful,

There is no time for fatigue.

Let your hard work be justified,

Let us protect you.

Always smile,

Push the era.

Let us remember you,

Let us enjoy the lessons.

When asked, “Who is your teacher?”,

Let us think of you in our minds.

I have boundless respect for you,

I have not disrespected you.

You who taught us,

Thank you, teacher.

My mother

Eyes that saw the test of life

Meaningful, meaningful words

Her hair that has been damaged by the night

But his heart is the sun, he sheds no tears

One day the dream will come true

The waters of the spring are crashing,

Then sing the nightingale, sing your best

All the flowers are scattered in it

Trees lead the way to the goal

My mother goes to Makka with smiling faces

Bibikhanifa Jumanazarova, daughter of O’ktam, was born on May 15, 2007 in Zomin district of Jizzakh region. She has more than 50 international certificates. Her articles have been published in different countries. She has a B2 certificate in English. She is currently a 11th grade student.

How to build confidence in speaking a second language

Annotation: Nowadays, many language learners face problems related to speaking skills. These issues arise due to the speaker’s tendency to get nervous during speech, fear of making mistakes, and lack of sufficient vocabulary. There are also enough solutions to these problems.

Аннотация: В настоящее время многие изучающие язык сталкиваются с проблемами, связанными с навыками говорения. Эти проблемы возникают из-за того, что говорящий часто волнуется во время речи, боится делать ошибки и не имеет достаточного словарного запаса. Также существуют достаточные решения этих проблем

Annatatsiya: Hozirgi kunda ko’plab til o’rganuvchilar gapirish ko’nikmalariga oid muammolarga duch kelmoqdalar. Ushbu muammolar odatda nutq paytida hayajonlanish, xatolar qilishdan qo’rqish va yetarlicha so’z boyligiga ega bo’lmaslik sababli yuzaga keladi. Bu muammolarni hal qilish uchun yechimlar ham mavjud.

Keywords:audio,confidence,debate,native speakers,conversations

Ключевое слово: Аудио, уверенность, дебаты, носители языка, разговоры

Kalit so‘zlar:audio,ishonch,munozara,o‘z tilida so‘zlashuvchilar, o‘zaro suhbat

Confidence in speaking, especially in a second language, is a skill that develops over time with consistent effort and practice. Here are some strategies to build your confidence:

1. Start Small: Practice speaking in comfortable, low-pressure environments. Begin with familiar topics like hobbies or daily routines.

2. Practice Regularly: Consistency is key. Try to speak English every day, even if it’s just a few sentences to yourself, a language partner, or a tutor. There are some apps available to practice.

Hello Talk — The Best App for Conversation. It allows you to chat with English speakers worldwide through text, voice recordings, voice calls, and video calls. FluentU — The Best Media-Based App. FluentU offers English videos, including news, music, and advertisements. With interactive subtitles, you can click on any word to get additional information about it.

3. Focus on Communication, Not Perfection: Making mistakes is natural and an important part of learning. Aim to communicate your message, even if your grammar or pronunciation isn’t perfect.

4. Record Yourself: Listening to your own speech helps you identify areas for improvement and track your progress over time. When students record their voices, they gain a valuable opportunity to listen to themselves and identify areas where they might be making mistakes in pronunciation, grammar, or fluency.

By carefully analyzing these recordings, they can work on correcting these mistakes, which leads to gradual improvement over time. This practice not only enhances their speech clarity but also boosts their confidence, as they become more aware of their progress and develop better control over their language skills. Additionally, recording their voice allows them to track their development and recognize the positive changes in their speaking abilities, further motivating them to continue practicing. The best program for recording audio is Audio Lab. It is free and useful for students.

5. Expand Your Vocabulary: The more words you know, the easier it becomes to express yourself confidently. Learn phrases and expressions relevant to common situations. Every student has to learn vocabulary to improve their language skills. A strong vocabulary is essential for understanding and expressing ideas clearly. One of the best materials for learning vocabulary is the Cambridge Dictionary. It offers accurate definitions, example sentences, and pronunciation guides, helping students learn how words are used in context. Additionally, the dictionary provides synonyms, antonyms, and related words, which can expand a student’s vocabulary and improve their ability to communicate effectively in English.

6. Engage with Native Speakers: Join language exchange programs, participate in online forums, or attend local events where you can practice English with native speakers. Engaging with native speakers is one of the best ways to improve confidence in language use. If students shadow their speech, they can enhance their fluency and proficiency quickly. However, are the terms ‘native speaker’ and ‘non-native speaker’ truly appropriate, practical, and useful for describing language identity, use, and understanding? When referring to English, which country or countries are considered ‘native’? And within those countries, which region or dialect defines ‘native English’? Does ‘nativeness’ in English Language Teaching (ELT) necessarily lead to better teaching experiences, improved learning outcomes, or a more effective learning process?.

7. Prepare for Conversations: Before speaking, think about what you want to say. Practice common phrases or responses to likely questions. If a student has conversations, they should prepare.

8. Stay Positive: Celebrate your achievements, no matter how small. Replace negative thoughts with encouraging ones. Today, most students are not confident because they worry about making speaking mistakes. However, this mindset is incorrect. Everyone makes mistakes; only those who don’t learn from them fail to grow. Mistakes teach us valuable lessons. A student may make mistakes today, but tomorrow they will avoid repeating them.

9. Learn from Feedback: Accept constructive criticism as an opportunity to improve, not as a reflection of failure.

10. Participate in Speaking Activities: Join debates, book clubs, or storytelling sessions to use your language skills in interactive and engaging ways. Participating in speaking clubs is one of the best ways to improve your speaking confidence. When you need to speak in front of others, preparation is key. The more you practice, the more your confidence will grow. On the internet, there are plenty of resources you can utilize, such as “55 Great Debate Topics for Any Project.” These resources provide valuable guidelines to enhance your speech. One important skill in debates is anticipating the opposing side’s arguments. To strengthen your position, prepare ahead of time by considering what the other side might say. This allows you to effectively counter their points and make your arguments more convincing. Additionally, participating in debates hones your critical thinking, persuasion, and public speaking skills, all of which are essential for building confidence. Joining such activities will not only improve your speaking abilities but also boost your overall self-assurance.

A first-year student at the Uzbekistan State World Languages in the Faculty of Philology and Teaching English, located in the Uchtepa district of Tashkent.

References:

https://global-edu.uz/articles/ingliz-tilini-organishda-foydali-boladigan-6-ta-mobil-ilova/

https://www.britishcouncil.org/voices-magazine/native-speakerism-%E2%80%93-what-it-and-why-does-it-matter

https://blog.prepscholar.com/good-debate-topics

O‘. J.Yo‘ldoshev Umumiy Pedagogika. Toshkent-2017 

H.T.Omonov, N.X. Xo‘jayev, S.A.Madyorova, E.U.Eshchonov. Pedagogik 

texnologiyalar va pedagogik mahorat”.Iqtisodiyot-Moliya” Toshkent-2009 6.Shomirzayev M. X. Developing educational technologiesin school technology education //Asian Journal of Multidimensional Research. – 2021. – Т. 10. – №. 5. – С. 

7.73-79. Bekmuratova U. B. “Ingliz tilini o’qitishda innovatsion texnologiyalardan foydalanish” mavzusida referat. Toshkent — 2012 yil

8.Отабоева, М. Р. Chet tilini o’qitishda zamonaviy innоvatsion texnologiyalaridan foydalanish va uning samaradorligi / М. Р. Отабоева. — Текст: непосредственный, электронный // Молодой ученый. — 2017. — № 4.2 (138.2). — С. 36–37. — URL: https://moluch.ru/archive/138/39058/ (дата обращения: 27.04.2020)

9.Pankov I.P., Zakharov V.P. Information retrieval systems // Applied linguistics. – St. Petersburg, 1996. – P. 334-359

10. https://dictionary.cambridge.org/

Mother

The word starting with Bismillah, 

Good causes evil, 

I read the Qur’an myself, 

Your daughter will be old, mother. 

Knowing the value of prayer 

Praying in prayer 

Building palaces in heaven 

Your daughter will be old, mother. 

A companion for goodness 

Only the head is bowed in prostration 

Tears of joy 

Your daughter will be old, mother. 

Carrying it on his shoulder 

Be safe, don’t be sick 

If you call, it’s one below 

Your daughter will be old, mother. 

Always thank God 

I’ll take it to 

McCullough Two worlds for reward 

Your daughter will be old, mother. 

Your husband is like Ali 

You won’t be able to dream. 

Wearing the crown of memory 

Your daughter will be old, mother. 

Ibrahimova Halima Vahobjonovna was born on February 11, 2007 in the Shafirkon district of the Bukhara region of the Republic of Uzbekistan. Currently, she is a 10th grade student of the 7th MFCHÕIDUM in Uchkuduq District, Navoi Region. Until now, she participated in several international competitions and anthologies and received certificates. She is the author of the poetry book “Lines in my heart” and a candidate for the state award named after Zulfiya. Some of her poems have been published in magazines and newspapers. She’s the owner of the “Young Creator 2024” badge, and a member of the People’s Democratic Party.