Personal Financial Literacy & Money Management
What is Personal Financial Literacy? Possessing the knowledge and skills to make responsible decisions and manage financial matters efficiently for a lifetime of well-being.
It’s more than just being able to balance a checkbook, compare prices or get a job. You need to learn how to pay your bills, how to borrow and save responsibly, and how and why to invest.
The decisions you make now, from choosing which student loan to borrow to how you use a credit card, will affect you for years after you graduate.
Stay on top of your finances. “Your life, Your Money”
Budgeting Basics
Creating and maintaining a spending plan is one of the most basic aspects of staying
on top of your finances. Without following a budget, it’s difficult to hold yourself
accountable on where your money is coming from or going toward.
The Impact of Interest
Understanding the ins and outs of interest and fees can impact your finances more
than you realize. Why? It can make the difference between borrowing a small amount
and paying back much more. If you receive a federal student loan you will be required
to repay the loan with interest
Credit-Debt Roller Coaster
It’s much easier to lose credit than gain it and many students don’t realize how easy
it is to ruin their credit – and how difficult it can be to regain credit – before
it’s too late. That’s why it’s crucial to provide knowledge on debt earlier than later.
Monitor your credit history and safeguard against identity theft. Lots of sites promise
credit reports for free. AnnualCreditReport.com is the ONLY official site explicitly
directed by Federal law to provide them.
Understanding Repayment
When it comes to repaying your federal student loan, there’s a lot to consider. Understanding
the details of repayment can save you time and money.
