Financial Literacy

While April is designated as Financial Literacy Month to raise awareness of the importance of financial education, strive to establish and maintain smart money management habits throughout the entire year.

10 Tips for Financial Literacy

Making smart choices with your money doesn’t stop with paying for college — you need to be educated about managing your financial lives outside of school, too.

Create a budget: Start by calculating your monthly income and expenses. Use this information to create a budget that works for you.
Track your spending: Keep track of every dollar you spend to help you stick to your budget.
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.
Save for emergencies: Set aside some money each month in case of emergencies.
Save for the future: Start saving for retirement as early as possible to give your money time to grow.
Live within your means: Try to live within your means by avoiding unnecessary expenses and making smart purchasing decisions.
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.
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.
Educate yourself: Learn about personal finance and investing so you can make informed decisions about your money.
Ask for help: Don't be afraid to ask for help from a financial advisor or the financial aid office at your school.

Source: National Association of Student Financial Aid Administrators