What is financial literacy?
Financial literacy may be defined as:
1) The ability to read, analyze, manage and communicate about the personal financial conditions affecting material well being.
2) The 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. If you are a student, you may already have a checking account, a credit card, or maybe even a car loan. When heading off to college, you may also need to borrow student loans to help finance your education. But have you determined your financial goals and established good financial habits? Here are a few tips to get you started.
Check out the MDHE's financial literacy videos
April is Financial Literacy Month, a good time to check out these videos and resources compiled by the MDHE. Also consider "liking" Journey to College on Facebook, specifically designed for high school and college students to help find the best ways to pay for a postsecondary education and more.
Create and Follow a Spending and Savings Plan
- Four easy steps for creating and following a spending and savings plan
- Live like a student while you are a student, so you don't have to later!
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.
- 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
If you are a high school personal finance teacher, you may wish to order materials from our Smart About Spending line, which are specifically designed to meet all four compentency areas required for the 0.5 credit personal finance course in Missouri.
For high school students nearing graduation or first-time incoming freshmen, the Planning for Financial Success piece is ideal. Visit the MDHE's publications page to see electronic versions of these materials and to order items.