Learn the basics of finance and budgeting

Financial Literacy for Kids by Learn Bright

It's not always easy to tell if something is a true necessity or simply a desire. This covers the fundamentals of needs versus wants, how to budget, and the difference between credit and debit. The key points are straightforward and clear, designed to give you a solid foundation in financial literacy by the time you're done.

A need is essential for survival, such as food, water, and shelter. Wants, on the other hand, encompass a much wider range of items—from toys and books to phones and cars. While the line can sometimes seem blurry, these definitions provide a reliable guide for telling them apart.

The concepts of saving and borrowing are also important. Saving means setting money aside over time for a future goal, like a new bike. If you need something more immediately, you might choose borrowing. This means you get access to money now but must pay it back later, often with additional interest.

A very useful tool for managing money is budgeting. A budget allocates specific amounts of money to different expenses.This helps ensure you live within your means and avoid debt.