Did you ever wonder why math was so important in school?
Mathematics and other scientific disciplines seem to be national curriculum royalty, with a good grade in math being championed by many universities and workplaces. Make sure to study hard for math revision.
But what are the uses of math in real life?
Are mathematically-minded people necessarily more intelligent?
Are they more successful?
You could be incredibly talented in subjects such as music and literature but be stumped when it comes to math.
However, learning math will give you an advantage in managing your finances.
So, let’s find out how good knowledge of math can help you understand money and improve your budgeting skills!
Whatever your age, you’ll have noticed that when it comes to math, there are two types of people: those who love it, and those who hate it.
If you still hate math long after graduating and have nightmares about never-ending polynomial long division or all the theorems you have to memorize, we assure you that it doesn’t have to be like this.
French screenwriter Olivier Peyon made a documentary named ‘How I Hated Math’, which explored our perception of math and the common distaste for the subject.
However, in the report he worked to simplify certain problems, using his creativity rather than, as he called it, rigidity, to find an answer.
Mathematicians are always the first to say “don’t believe in any authority, just check your answer for yourself”. Math exercises at school and in everyday life we use numbers for proof.
Math as we know it and the idea of freedom shared among mathematicians is a bridge to starting the discussion of budgeting.
Financial freedom begins when you escape the grasp of your money, and this can only happen by controlling your budget.
So how should you look after your money and budget using math? Can supplemental online math courses help?
The Link Between Math and Money
In the film Moneyball featuring Brad Pitt, director Bennett Miller tells the true story which is captivating, to say the least. At the centre of the film is a software with precise data and statistics which causes chaos in the market for baseball players.
Billy Beane, the general manager of Oakland Athletics, hires a young graduate to help him in his search for an IT programme containing the details of each and every performance of every US baseball player.
This was big news when it happened. At the time, Oakland was the equivalent of a champion’s league team in football. The software allowed them to hire under-valued athletes for a cheaper price.
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Sometime later, Oakland beat the historic record of matches won in a row by a club.
Whether it’s at school, in sport or in your day-to-day life, math really is everywhere!
Managing your budget, saving money, and requesting a loan are all to do with math. With each aspect, there are estimations and allowances to make, tax to calculate, interest to add, the list goes on! This is exactly why a good command of math is useful for finance.
School teachers and math tutors teach you math as a child, and you carry those skills with you for the rest of your life.
Learn Math to Boost Your Understanding
Math doesn’t only help you make sense of how numbers relate to each other, but it also can help you make sense of and manage your financial situation.
We start to develop our math skills from an incredibly young age, and the basic knowledge of numbers and values gives children the tools to go further, discover calculation and geometry.
Math plays an enormous role in day-to-day life. Each and every business needs math to avoid a state of chaos. With math, you can construct buildings and build roads as well as efficiently manage your personal budget.
This starts from infancy, where babies are able to recognize differences in value. This gives us the tools to tell the difference between a £1 coin and a £20 note as well as eventually manage the money in our bank accounts.
And what about arithmetic?
Addition, subtraction, multiplication and division. These are the basic skills which come under the title of ‘arithmetic’, and the ones you will use most once you leave the education system.
To know where you are with your money each month, you should set a budget. To do this, you should work out how much money you need for your accommodation, the weekly food shop, summer holiday spending money, and how much you need for clothing, among other things.
Math is more than essential when it comes to your money, as it helps you avoid overspending and having to ask to borrow money. Without mathematics, you risk not being able to put enough money away for the future or agreeing to a shoddy interest rate at the bank, for example.
How Math Can Help Gambling Addicts
Two researchers from a polytechnic school in Milan have been giving math lessons to gambling addicts to help them understand the risks they are taking.
In 2012, the annual Health Survey for England concluded that over 60% of adults had gambled in the past 12 months.
But there is more to this.
Researchers explain that the understanding of probability is an effective way of avoiding addiction. Learning about logical thinking and risk is a recommended escape route for gamblers.
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By taking math lessons, you learn to make sense of the chance you have of winning a game.
For example, you have as much chance of winning the lottery as you have of choosing a red football blindfolded from a pitch of 600 million white ones.
Knowing that around 3 in 5 people have risked their own money in the past year by gambling, you should be able to appreciate how math is useful in assessing risk.
And, as we keep mentioning, math is everywhere!
Math vs State of Mind
If you find math useful in managing your money, having a negative state of mind can destroy this in just a few days.
You may be brilliant in your math lessons, however, if you act impulsively, you risk harming the health of your finances.
If you spend all of your money on anything, you are living above your mean
Impulsivity is a psychological issue.
A negative mindset can harm progress when it comes to study skills and math revision.
If you don’t know why you are buying something, then there is a problem.
If you regret a purchase the following day, there is a long-term danger of needless spending becoming a habit.
If at the end of the month, you are struggling financially even when you are able to use math to understand your spending habits, then there is a problem.
Even math teachers can have money problems. Why? Because when you neglect the psychology of spending money, you ignore the need to control your spending.
Let’s take advertising as an example. Are you under the impression that adverts and campaigns don’t affect your spending habits? Do your friends and colleagues also insist that they are unaffected by advertising?
In reality, advertising continues to develop and play a part in our lives, even if it is unwanted, and this is for one simple reason.
Adverts play to our egos and flatter us in order to influence our behavior.
So how should you avoid giving in to temptation and better manage your finances? The best method is to approach your learning of math with a positive and open state of mind.
The part of your mind that manages your money grows with small gestures. This starts by taking ownership of your actions and establishing self-control when it comes to your spending.
By maintaining a good frame of mind, you will be able to help yourself better manage your finances with math. However, even if you have a good command of math but a negative mindset, inevitably you will be at risk of falling into difficulty.
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Unsolved Math Problems
Mathematics is an infinite discipline, are there remain many unsolved math problems.
The Clay Mathematics Institute of Cambridge, Massachusetts have 7 ‘Millennium prize problems’ with a reward of $1 Million for whoever produces an answer to any of them.
That’s $1 million for each unresolved mathematical problem! There are 7 prizes for 7 problems on important issues that have never been solved.
How about that for good management of your finances?
Of course, we are only jokingly suggesting that this is a way to avoid financial trouble.
But what if learning math could help you get out of debt?
Understanding mathematics and having a positive mindset helps you intelligently manage your money.
There are two very simple ways to ensure healthy finances in the long term:
- Don’t spend money you don’t have and live within your means
- Invest early enough to ensure a good pension when the time comes for you to retire
It’s true that freedom begins when you are no longer a slave to the money, however, don’t forget that freedom comes with education and applying the skills you learn.
Mathematics is the study of quality, structure, space, and change. Mathematics arose from counting, calculating, measuring, in addition to a methodical examination of the motions and shapes of physical objects through simplifying abstract ideas and logical reasoning.
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The Significance of Mathematics
Mathematics plays a vital role in human logic and thought processes. It provides a practical method for developing mental discipline and improving logical reasoning. Furthermore, mathematical knowledge is required to comprehend concepts in other areas such as physics, social studies, and even music and art.
Mathematics also promotes problem-solving abilities, critical thinking abilities, creative thinking abilities, abstract or spatial thinking abilities, and practical communication abilities.
Mathematics' importance in modern society cannot be overstated. It is employed throughout a wide range of fields and activities. Mathematical principles and processes are utilized to address problems in engineering, science, and economics. It is required in many areas of ICT, including physical sciences, technology, business, and financial services. It is also gaining popularity in biology, medicine, and the social sciences.
Mathematics teaches students critical concepts in mathematics, knowledge, and skills. Via numeracy, this knowledge applies to both their work and personal life. The importance of numeracy in facilitating and preserving economic, social, cultural, and technological advancement is growing.
The importance of Math in Personal Finance
Personal finance is one of the areas of life where the majority of adults struggle. When it comes to money management, math is everything.
What matters is that you understand how much you earn, what you should spend, and how to spend the money in your account, which is a difficult task.
Math has an impact on the financial decisions we make daily. From paying bills to using coupons at the supermarket, math is a part of the daily routine.
Math can also assist you in managing your finances. You can easily create a financial budget with the aid of math. You can figure out how much money you have and how you want to spend it. Almost every human on the planet utilizes math to manage their finances.
The paid individual calculates their expenses and salaries using math. People in business, on the other hand, utilize math to determine their profit and loss.
They utilize it to compute their loans, among other things. It emphasizes the importance of business mathematics while also playing an essential part in accounting.
Learning math opens the door of opportunities for you. Now you see the importance of online tutors (online math tutors and private math tutors) and the impact they can have on your life!
Math in Family and Personal Budgeting
Budgeting is a beneficial and frequently required procedure. Living off the grid or moving to an off-grid lifestyle necessitates financial prudence. While aiming to be self-sufficient, you are most certainly living on a lower salary than many others. Budgeting begins with a basic formula: revenue minus expenses equals the amount of money you have.
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When it comes to your money, math is essential since it prevents you from overpaying and borrowing money. If you don't know how to do your math, you risk not saving enough money for the future or consenting to a subpar interest rate at the bank.
After calculating how much you spend monthly or weekly, you should budget based on how your funds are received. In this case, math skills learned in high school will be vital.
To start, divide your funds into four groups: fixed expenses, guilt-free spending, investments, and savings. Set aside a percentage of your overall income for fixed expenses like gas, utility bills, rent, and electricity.
Math in Banking
Because banking involves money administration, we are all basically "bankers." We need to allocate fairly to guarantee that we address our needs without spending too much; we must be conscious of our spending habits. We use mathematical concepts when using internet banking to pay bills, transfer funds, and keep track of our finances.
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To make the most of their investments, bankers must also comprehend fundamental mathematical ideas. To begin, learning the fundamentals of interest will assist you in making the most of your money. Whether you're thinking about interest as a way to make money or the consequences of paying interest on a loan, it's a topic we talk about a lot.
Understanding the advantages and disadvantages of interest will help you become a better "banker." It's more of college math so it’s much more challenging to comprehend basic and compound interests and how they work for you. However, these mathematical concepts are essential in our daily lives and can massively affect our finances and can be easily learnt by playing fun math games.
Math in Business
In business, obstacles abound, and they must be dealt with effectively to avoid recurrence. Mathematical models can be used to address these frequently occurring issues effectively. As a result, math can be used for more than just calculating; it can also analyze and solve business problems. Learning and applying business mathematics broadens horizons, sharpens thinking, and aids in the precise formulation and structuring of connections.
Business ownership necessitates more than the ability to create a product or provide a service. Your company's financial management is critical to its survival and success. To run profitable operations and keep proper records, you'll need some basic business math. To price your goods and stay within your budget, you should add, subtract, multiply, divide, approximate, and use fractions and percentages. If math isn't your strong suit, team up with someone or hire a dependable employee to help your company stay profitable and grow responsibly.
Why is the knowledge of mathematics needed in Business?
Calculate the cost of production
Before starting your business, you need to figure out how much it will cost to make or buy your product or provide your service. When you add up all of the costs of manufacturing or purchasing things, you can see if you'll be able to compete against other businesses to earn enough money to stay in business and make a living. It would be best to incorporate shipping, labor, debt interest, storage, and marketing expenses to the regular cost of production, such as materials and machinery. The foundation of your strategic planning is an appropriate measure of how much you'll pay for everything.
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Determine Product Pricing
To run your business and generate sufficient working capital to put money in it, you must start charging enough for your brand to be financially viable. The profit margin is the difference in the cost of goods and services and the sale price, culminating in total revenue. If your industry necessitates like 70% profit margin, you could make a loss if competitors sell the same items for less. To calculate the retail price, divide your profit margin by a percentage or a decimal.
For instance, if an item costs $5 to manufacture and your profit margin is 30%, subtract .3 from 1 (or 100%) to get .7 (or 70%). To figure out how much your product costs, divide 5 by .7, which equals $7.14.
Profitability of a Business
If you wish to calculate net profit for a particular time, subtract refunds, production costs, and operational costs from the total sales or gross revenue. Calculate products discounts, equipment depreciation, and taxes and deduct from income. Add any interest you received from consumer credit to get your net profit, which is calculated as a percentage of the amount each customer owes. Your net profit can help you determine whether you're charging enough for your goods and selling enough to keep your business afloat or grow.
Examine Your Financial Situation
You'll need to anticipate future revenue and expenses to analyze your company's overall financial health. It's vital to be aware of the consequences for your accounting records when you change a statistic to represent an increase or decrease in future sales. Calculating how much one person impacts revenue will help you decide whether you can hire more people and whether the earnings will be worthwhile. If a competitor provides a lower-cost product, you'll need to estimate how much your volume must increase if you cut your costs.
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You might want to figure out if you can afford to extend your business to boost sales. Before pushing your firm to the next level, you must grasp how these types of behaviors affect your overall budget using basic business math.
Finding a Math Tutor
Even though mathematics can be rather tricky at times, when you look beyond the formal classroom to real-world math applications, you will find that math is fun. You recognize the importance of math in everyday life and decide to learn mathematics with a tutor.
Almost no one realizes the richness of mathematical foundation at first, but as we teach and study it, we become more aware of why math is so vital in our daily lives, especially in our daily financial lives.
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So, get out your textbooks and get to work! If you need additional help, search for 'math tutors near me' with Superprof.
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