Financial literacy allows you to understand and effectively use various financial skills, including personal financial management, credit management, budgeting, borrowing, investing, and more. Being financially literate enables individuals to better prepare for specific financial setbacks, decreasing the chances of personal financial distress. Below are available resources to guide you in understanding financial literacy and to get you thinking more about your financial well-being.
Do you have the strength and the willpower to bypass your wants and only focus on the necessities? Needs are things you cannot live without, such as a place to live and food to eat. Wants are nice but not necessary, such as entertainment or gym memberships. I challenge you to look at your bank statement for the past month and add up all the charges that were Wants and not Needs. You will likely find that a two-dollar soda, a 20-dollar Amazon trinket, and a few items off a fast-food dollar menu add up.
With any goal setting, you must first have the mindset and the willpower to fulfill your goal. Financial goal setting is more than saying you want to save money, do not want to live paycheck to paycheck, or get out of debt. What are you doing daily to accomplish your saving goal? You must first set smaller, proactive financial goals to achieve your larger financial goal. This requires deep thought and planning while being honest and realistic with yourself. If your long-term goal is getting out of debt, your short-term goals should focus on steps that need to be made to reach a debt-free lifestyle, such as researching Dave Ramsey's .
Four questions you should ask yourself to prepare for a successful budgeting experience.
Before you take out a loan, it is crucial to understand that a loan is a legal obligation that makes you responsible for repaying the amount you borrow with interest. Even though you do not have to repay your federal student loans immediately, you should not wait to understand your responsibilities as a borrower.
College is an investment in your future. For many students, borrowing to finance their college degree is necessary. While student loans may be a necessary part of financing your degree, it is essential to borrow responsibly. This means only borrowing for what you need. Manage your debt by only having to take out a single loan. This eliminates the need for a second credit check and reduces the number of loans you must manage once you finish school.
Students with questions regarding financial aid should contact their Academic and Financial Aid Advisor in the Enrollment Services Office.
Code of Conduct for Financial Aid Employees
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