A variable is a name that holds a value. Imagine you have a sticky note - you write 'favorite_color' on it and stick it to a blue marker. Now whenever you say 'favorite_color', you mean that blue marker. In Python: name = 'value'. The equal sign (=) means 'store this value with this name'.
# Creating variables (storage boxes)
name = "Raj" # Text goes in quotes
age = 25 # Numbers don't need quotes
height = 5.9 # Decimal numbers work too
is_happy = True # True or False values
# Using variables
print(name) # Shows: Raj
print("Age:", age) # Shows: Age: 25
print("Height:", height, "feet")