Financial Literacy

Financial literacy refers to the skills and knowledge required to manage financial resources effectively.

This includes budgeting, spending, saving, investing, and decision-making to advance an individual's personal financial goals.

In this guide you will find information about:

Getting Started- Budgets

Paying for College

Spending, Saving, Debt, and Investing

Avoiding Scams and Fraud

Resources to Learn More 

1. Create a budget: Start by calculating your monthly income and expenses. Use this information to create a budget that works for you.
    
2. Track your spending: Keep track of every dollar you spend to help you stick to your budget.
    
3. Smart debt: If possible, avoid taking on debt. If you must take on debt, be aware of interest rates, and make sure payments fit into your budget.
    
4. Save for emergencies: Set aside some money each month in case of emergencies.
    
5. Save for the future: Start saving for retirement as early as possible to give your money time to grow.
    
6. Live within your means: Try to live within your means by avoiding unnecessary expenses and making smart purchasing decisions.
    
7. Plan for big expenses: Whether it's a down payment on a house or a new car, plan ahead for big expenses by saving up and making informed decisions about financing options.
    
8. Be mindful of credit: Behaviors that lead to carrying monthly balances and spending more than you otherwise would with cash or a debit card can lead to more financial problems than if you avoided using credit altogether. 
    
9. Educate yourself: Learn about personal finance and investing so you can make informed decisions about your money.
    
10. Ask for help: Don't be afraid to ask for help from a financial advisor or the financial aid office at your school.

From The National Association of Student Financial Aid Administrators