Kavan Choksi: Ways to Improve Financial Literacy

Kavan Choksi: How to Get Better at Handling Finances

While many people are still experiencing the effects of the COVID-19 pandemic on their finances, many have made good use of their time and have started to take steps to ensure their financial security.

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According to financial expert Kavan Choksi, understanding where they can save and spend their money is important, especially when the economy is recovering. Because of this, people should take the time to discover and learn about managing their finances.

Experts like Kavan Choksi believe that financial health should be taught to people while they are young. Unfortunately, not everyone takes the opportunity to learn about managing their money early on. Now that many of us are willing to increase our personal finance knowledge, we can start learning about healthy money habits, including budgeting, saving, and investing.

As the pandemic has changed societal dynamics, even the younger generations are becoming more open to learning about managing their finances. Living in these tough times, they are becoming aware of the importance of financial stability. They are also finding ways to increase their income while decreasing spending.

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As society continues to deal with the new normal, people are becoming more conscious about their purchases. Many people are also realizing the value of budgeting and investing. Lifestyles are changing, and many of us are shifting towards a more sustainable lifestyle that will help us maintain our resources for longer. The value of keeping an emergency fund seems to be more of a priority these days to ensure the well-being and safety of an individual, says Kavan Choksi.

No matter the lifestyle or economic situation, expenditures and costs will always exist. However, when a person becomes financially literate, they will have more options on how to spend their money wisely.

What about you? What adjustments have you made with your finances these past three years? What have you come to realize when it comes to your money?

Kavan Choksi is a freelance business management consultant. He shares his finance, business, and economics knowledge on his blogs. Posts can be found on this page.