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FINANCIAL LITERACY :
INFORMATION LITERACY :
EDUCATION: COLLEGE: STUDENTS:
Financial Literacy (Personal Finance 101)
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Financial Literacy (Personal Finance 101)
Student Aid on the Web
Federal Student Aid Information Center (FSAIC)
Call our toll free numbers:
Federal Student Aid Information Center (FSAIC) . . . . . . . .
1-800-4-FED-AID (1-800-433-3243)
TTY users (for the hearing-impaired) can call . . . . . . . . . . .
Callers in locations without access to 800 numbers may call
1-319-337-5665 (this is not a toll free number)
http://studentaid.ed.gov/PORTALSWebApp/
students/english/financialliteracy.jsp
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A shorter URL for the above link:
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Financial Literacy (Personal Finance 101)
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Financial literacy (education on the management of personal finances) is
an essential part of planning and paying for postsecondary education.
Everyone needs to understand the options with respect to the vast array of
financial products, services, and providers to make sound financial
decisions.
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Learn "fiscal fitness" now for a lifetime of financial well-being.
Fiscal fitness means practicing smart money management techniques.
Decisions you make about handling your money before and during college can
have a huge impact on your future. Before making major financial
decisions, educate yourself about options and be consistent in making
informed financial decisions. Learning good personal finance skills now
can help you reach your goals and find success sooner. Your life goals are
important, and we want to make sure you have the money to make them a
reality.
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Financial Planning
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When you want something in life, it's best to have a plan for how you will
get it. Everyone wants a life of financial securitythe ability to save and
invest so that your money is working for you in a way that enables you to
fulfill your life's goals. To achieve financial security, you need to
create a financial plan.
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A financial plan is simply a roadmap for how you will manage your money on
an ongoing basis. At its most basic, a financial plan involves defining
your money goals, identifying the steps it will take to reach those goals,
and then following through with those steps.
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The sooner you develop and implement a financial plan, the sooner you can
be financially secure, so get started now. For guidance, download 40 Money
Management Tips Every College Student Should Know from the National
Endowment for Financial Education. It includes tips to create your
financial plan, as well as many other smart ideas for saving, spending,
and protecting your money.
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Practice Good Credit Habits
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Even if you don't need loans to pay for college, sooner or later you will
probably need to borrow money. Your borrowing and repayment history is
tracked by the financial industry to create your credit score, which helps
lenders gauge whether you are a good credit risk. The better your credit
score, the easier it will be for you to borrow money and the better terms
you will be offered. A good credit score can save you thousands of dollars
over your lifetime. Here are some ways to build and maintain a good credit
score (typically a score of 700 or higher) and avoid financial headaches:
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Always pay your bills and loan installments on time. To avoid late fees,
note the due dates for bills and installments as soon as you receive them.
Keep a copy of all bills and loan payments you make.
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Don't bounce checks. Bouncing a check means writing a check for more money
than you have available in your account. Aside from hurting your credit
score, banks usually charge you a fee for every bounced check. The fees
are automatically charged to your account, which can cause subsequent
checks to bounce, leading to more fees, more bounced checks, etc. Bounced
checks can lead to real money problems and even get you into legal
trouble. The good news is that with a little caution and diligence, you
can prevent bounced checks altogether by being aware of the amount of
money in your bank account and spending only what you can afford.
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Avoid credit cards. In college, you'll get tons of credit card offers.
Your best move? Shred them. Don't sign up for a credit card just to get
something for free. As attractive as easy credit might seem, credit card
interest can put you in a very deep financial hole that can take years to
dig out of. If you feel you need a credit card or you want to start
building your credit history, apply for one credit card with the lowest
interest rate available then charge only what you can afford to repay.
Also, pay the balance in full to avoid interest charges.
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Don't ignore credit problems, get help ASAP. In spite of your best
intentions, you may get in over your head. Credit problems include missed
payments, bounced checks, and credit card debt; these problems lead to a
lower credit score and a more difficult time when borrowing money in the
future. Sometimes, people mistakenly believe that if they ignore their
credit problems, these problems will go away. Instead, their credit
problems will only get worse. If it happens to you, don't waste time
feeling foolish and ashamed, because you will be in good company; even
celebrities have credit problems. So get help immediately, nip credit
problems in the bud and save yourself lots of stress. Your college
financial aid office may be a valuable free resource to help you get back
on track.
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A Few Basic Financial Tips for College Students
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Organize your files. Creating a paper and/or electronic filing system will
make paying your bills on time and meeting deadlines easier. Record
keeping also helps avoid potential disputes-disagreements regarding
whether the terms you agreed to with banks, stores, or friends have been
upheld including timing of payment and amounts. You'll also want to keep
records for tax purposes.
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Make a budget and stick to it. A budget is just a self-imposed guideline
for how much money you can spend and what you can spend it on. You will be
amazed at how much farther your money goes when you have a budget. Life is
unpredictable, so don't forget to allocate money for unexpected expenses
in your budget.
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Buy used books. Many students and their parents are shocked to learn how
much textbooks cost. They can average $1,000 a year. Most campus
bookstores sell used books that can help reduce this cost. You might also
save money by buying or renting textbooks online.
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Leave your car at home. Cars cost more than just gas money. Don't forget
about insurance, parking (and parking tickets!) and repair expenses. Walk,
use public transportation, and/or ride a bike. You may also want to
arrange a carpool with friends if public transportation isn't available.
Watch the ATM fees. They can add up quickly. Look for a bank with free
ATMs near your school.
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Choose the right meal plan. An unlimited plan may be tempting, but you
might be satisfied with a less expensive plan. Also, if you've paid for a
meal plan, be sure to use it! You're just paying twice if you eat out
somewhere else.
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Save on snacks. If you can, avoid buying snacks at vending machines or
convenience stores. Stock up at your local grocery store and keep them
with you during the day to avoid more expensive and less healthy on-the-go
options.
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Consider all the costs of living off-campus. Many students like the idea
of trading dorm life for their own off-campus apartment, only to realize
that there are more costs involved than they realized. Aside from rent,
you will probably have utility bills and grocery expenses, at a minimum.
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You may also need to pay rental insurance and property maintenance fees.
So before you decide to move off campus, learn what other expenses you'll
be responsible for, in addition to rent.
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Use student discounts to your advantage. It's common for movie theaters,
concert halls, restaurants, insurance and travel companies to offer steep
discounts with a student I.D. Just ask!
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Start saving. A few dollars here and there can make a big difference later
in life. Saving and investing your money puts your money to work for you.
If you have a job, pay yourself first. Have your bank automatically
deposit a set amount from your paycheck into a savings account.
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Keep life in balance. Money management is important, but it's only a means
to get you where you want to be in life. Strong values, good friends, and
a solid education should all be part of your plan for success.
Links to Financial Literacy InformationTOPThe Web sites listed below
provide information on managing personal finances and information on
consumer protection.
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MyMoney.gov
is the U.S. government's Web site dedicated to teaching you the basics
about financial education. You will find valuable information on such
topics as budgeting, credit management, saving and investing, financial
planning, paying for education beyond high school, and managing loan
obligations. The free "My Money" Tool Kit package covers publications on
saving, investing, protecting, and getting the most for your money.
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360 Degrees of Financial Literacy,
sponsored by The American Institute of Certified Public Accountants,
contains articles addressing such topics as "Freshman Finance 101: Money
Management Skills for College Students" and "College students and credit
cards: What you don't know can hurt you."
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FDIC Consumer News
provides articles on how to become a smarter, safer user of financial
services that will protect and stretch your earnings.
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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jw...@temple.edu
http://daviddillard.businesscard2.com
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The Russell Conwell Learning Center Research Guide:
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Twitter: davidpdillard
Bushell, R. & Sheldon, P. (eds),
Wellness and Tourism: Mind, Body, Spirit,
Place, New York: Cognizant Communication Books.
Wellness Tourism: Bibliographic and Webliographic Essay
David P. Dillard
http://tinyurl.com/p63whl
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Improve Your Chances for Indoor Gardening Success
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