Importance of Maths in Finance
We’ve seen a few students who actually breathe a sigh of relief once they pass out class 10 and wave goodbye to Maths. But little do they know that maths is everywhere. Almost in every step of our life, we need maths.
But, the reality is that no one is ever really done with maths! Even if you don’t use the area of a triangle, perimeter of square on a daily basis, math will be there, especially when it comes to financing.
In most of the methods to handle finance, maths is always used. The data we use for budgeting is in the form of numbers only.
Let’s explore how maths is involved in everyday financial matters.
- Everyday Expenses
Planning is always the key. So having a plan for your expenditures always helps you to save more and decide how much to spend.
- Long term financial planning
If you plan to invest in buying any property, you need to plan your investments long before.
If you’re earning or not, paying taxes is something you can’t avoid and is something important too. You shall be aware of how much tax you should pay.
- Budding entrepreneur
If you’re a budding entrepreneur you must have budgeting skills. You shall be able to forecast and manage the business.
Still, if you feel that maths is difficult you can always go for basic maths classes to brush up your mathematical skills.
You can easily manage your money with the knowledge of maths. It is very well known that math can help you in understanding your income vs expenditure.
Being sorted when it comes to money brings peace of mind. This can be achieved through a good knowledge of Maths to track your expenses and income ratio.
Maths can let you save for the latest gadget you were eyeing on from long. It can help you to calculate how much to save monthly or set your monthly savings target, to buy that gadget. It can also help you to know how much you need to pay every month if you’ve taken a loan for the same.
Students can also subscribe to our BYJU’S YouTube Channel to learn concepts like the perimeter of square, area of a triangle, etc through videos with 3D animations and in-air projections.