Financial literacy is important in order to understand how money works. It can be difficult to know what you’re buying and manage your money if you don’t know the basics.
The first step in financial literacy is understanding the basics of personal finance. This includes understanding how taxes work, understanding the different types of accounts and why they are important, and knowing what loans are available for purchase.
The next step is learning how to use these products to your advantage. For example, understanding what interest rates are involved with a loan will allow you to make a more informed decision on whether or not that loan is worth it for your needs.
Tip 1 – Start by Saving with a Goal in Mind
Tip 2 – Find Out What You Owe and Set Goals to Pay it Back
Tip 3 – Make a Budget & Stick to It!
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