Financial Literacy

What is financial literacy?

1) The ability to read, analyze, manage, and communicate about the personal financial conditions affecting material well being.

2) Term is used to describe financial education programs on college campuses and within high schools. The objective of financial literacy programs is to help students better manage their finances, budget effectively, and borrow wisely.

Smart financial management includes a few basic good habits. You probably already have a checking account, a credit card or two, maybe even a car loan, and now you have a student loan. But have you determined your financial goals and established good financial habits?

Here are a few tips to get you started.

Create and Follow a Budget Plan

• Four easy steps for creating and following a budget

Avoid Credit Cards

• Learn how expensive credit can be and how to avoid using it

Protect Yourself Financially

• Follow these three tips to avoid disaster

Debt Management

• Learn how much you can afford to borrow

Get Out of Debt

• Use this simple but effective method for paying down your debts quickly

Read and Use Important MDHE Publications

• Planning for Financial Success - A handy calendar for students heading off to college, complete with financial literacy and money management tips

• Loan Guide: the smart approach to student loans and consumer debt brochure - A comprehensive guide to understanding a student loan from start to finish

Remember: Live like a student while you are a student so you don't have to later!