In whole numbers, every time you move one place to the left, the value of the digit becomes ten times larger. This same pattern works in reverse when we move to the right. Once we cross the decimal point, each step to the right makes the digit's value exactly one-tenth of what it was in the place to its left.

This means the first spot to the right of the decimal point is the tenths place, representing groups of $1/10$. The next spot is the hundredths place, representing groups of $1/100$. Finally, the third spot is the thousandths place, representing groups of $1/1000$. For example, the number $0.62$ represents $62$ hundredths, which we can also write as the fraction $62/100$.