Financial literacy is the ability to
understand and effectively use various financial skills, including personal
financial management, budgeting, and investing.
Financial literacy is the foundation of
your relationship with money, and it is a life-long journey of learning. The
earlier you start, the better off you will be, because education is the key to
success when it comes to money, and your financial life is likely to become
more complicated as you get older.
Becoming financially literate or
financially educated involves learning and practicing a variety of skills related
to budgeting, managing, paying off debts, and understanding credit and
investment products.
Basic steps to improve your personal
finances include creating a budget, keeping track of expenses, being diligent
about timely payments, being prudent about saving money, periodically checking
your credit report and investing for your future.
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Having read this piece, how financially
literate are you? Examine yourself and then answer the question within yourself.
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