Financial Education - Major economic challenges and the aftermath of pandemics in the world's poorest countries

The whole world is about to say goodbye to the year 2024 and start a year that has been marked by great economic challenges, but we will also have to deal with the wars between Ukraine and Russia, Israel and Iran between two nations that was about to escalate globally, but also to redesign strategies to counteract the aftermath of the covid-19 pandemic that still has major nations such as China on the ropes.

Throughout the past year, people have had to learn to adjust their pockets to make ends meet, changing their consumption habits, restricting many of their usual indulgences and even sacrificing good habits such as saving or investing.

Money is becoming less and less available, so people have had to learn to optimize. However, according to experts, the worst is not yet over. There are still scourges such as inflation, the economic slowdown and the effects on the production chain. The labor market, for example, could be one of the most affected, which would translate into a drop in the creation of new jobs.

The first piece of advice is to watch out for "ant ant" expenses, i.e., all those small leaks of money that normally seem insignificant, but which when added up reach considerable amounts. A sweet, a piece of clothing that was not in the plans.

Likewise, the second thing is to avoid unnecessary purchases and not to fall for any promotion you see on the Internet. No matter how attractive the discounts are, the priority this year should be to save money and create an emergency fund to be able to meet any unforeseen economic eventuality that may arise.