Financial Literacy

Financial literacy encompasses understanding and effectively using various financial skills, including personal financial management, budgeting, investing, and debt management. Key concepts include understanding income and expenses, creating and adhering to a budget, saving and investing wisely, managing debt responsibly, understanding credit scores and reports, and planning for retirement. Advice includes: track your spending to understand where your money goes; create a budget and stick to it; save a portion of your income regularly, even if it's small; pay off high-interest debt as quickly as possible; build and maintain a good credit score by paying bills on time; learn about different investment options and diversify your portfolio; and start planning for retirement early.