Financial Literacy:The ability to effectively evaluate and manage one’s finances in order to make prudent decisions toward reaching life’s goals
The understanding of:
- Money
- Cash flow
- Basic economic/financial concepts
- Debt/risk management.
Achieving financial literacy: Five Key Areas of Personal Finance:
- Money and income
- Money management
- Spending and debt
- Savings and investments
- Risk management
Money and income:Its important to take care of the following:
- Time is money
- Money management
- Budgeting
- Prioritizing
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