Money Smarts

College Financial Literacy Basics

There’s no question that college is expensive. However, acquiring a higher education is one of the best ways to set yourself on a path toward greater earning power and an elevated standard of living. Education will help you pursue a path that you believe will bring you a lifetime of happiness and professional satisfaction.

The added spend that comes with continuing your education makes financial literacy all the more important. Learning how to balance college expenses with the costs of everyday living is key – and will help you build a foundation for a better financial future. One great way to get started is to take advantage of online financial education resources, like the member education resources from UCU.

But first, what is financial literacy?

Financial literacy is achieving a level of knowledge that ensures you are able to navigate and manage various financial decisions. This can include learned skills involving debit cards and checking account usage, borrowing habits, and much more.

Too many university students achieve financial literacy through the stressful trial-and-error method. In contrast, those that intentionally seek out opportunities to gain financial literacy skills through education find themselves more prepared for the surprises life has in store and gives them the ability to make a concrete plan for the future. 

Why is financial literacy important for students?

Sometimes life just seems to… happen. Decisions seem to be made for us, and life goes on. But with a greater level of financial literacy, you start to realize that you can take control over many financial aspects of your life you may have previously thought were out of your control. Knowing you have a choice in financial partners, lenders, service providers – and knowing how to make decisions about them in a way that helps you realize your goals – is a result of financial literacy.

Through the power of financial literacy, you can shop for better loan rates, manage and pay down debt, choose the best checking accounts for your needs, build savings, and play a more active role in moving your life forward.

Doesn’t it make sense that the time to start yourself on that path is now while you’re in school? We thought so too. By starting now, you have the best chance at creating a financial path that helps you get to exactly where you see you tomorrow and years into the future.

How to get started.

With classes and a social life, you’re busy. We understand! Fortunately, there are easy and fast ways to boost your financial literacy skills. Head over to our online member education resources for quick and interactive learning modules that help you understand credit, managing debt, and how to achieve financial success at every stage of life – including yours. Want one-on-one help? Give us a call at 800-696-8628.