What is the first step toward financial literacy?
Understand the Problem
The question is asking for the initial action or knowledge one should pursue to achieve financial literacy, focusing on foundational understanding and skills related to personal finance.
Answer
Learning how to budget.
The first step toward financial literacy is learning how to budget.
Answer for screen readers
The first step toward financial literacy is learning how to budget.
More Information
Budgeting helps you keep track of your spending, ensure that you live within your means, and find areas where you can save money.
Tips
A common mistake is making a budget but not following it. It’s crucial to review and adjust your budget regularly to reflect any changes in income or expenses.
Sources
- Financial Literacy: 5 Basic Topics You Need to Know - Quicken - quicken.com
- 7 Steps to Financial Literacy | SkillsYouNeed - skillsyouneed.com
- Building Your Financial Literacy - TowneBank - townebank.com
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