Financial Literacy - Money Matter$

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Financial Literacy-Are You Aware?

How important is financial literacy?  How deeply did you just read that first sentence?  Read it once more with the concepts of budgets, savings, and credit in mind.  Again, how important is financial literacy?  We've heard it explained in a multitude of ways, but most of us have never quite understood it.  It's similar to sitting in a classroom for a subject that doesn't appeal to you.  Sure you'll listen to the ideas and facts presented, but how are you listening to the lecture? 
As we are all students of something, let's look at this from a classroom perspective.  Imagine a white board that is separated into thirds.  In each column of the board we find ourselves at a place where finances are important. 


The first column is that of the past.  Only you know what financial decisions you have made in the past and how those decisions have impacted your life today. While you can't change the past you can learn from it, and allow those lessons to help you with your future decisions.  This is true for everyone regardless of whether your decisions have been great or not so great. 
The second column represents the present. Just as your past financial decisions have impacted the present, the decisions you make now will impact your future life and finances.  Perhaps you have accumulated a lot of debt in the past, or you are ready to graduate and suddenly realize your student loan debt amounts to more than you recalled.  Whatever your financial situation is currently, the important thing to remember is that now is the time to do something about it. 


Let's look to the future and imagine the third column.  Whether you are considering buying a house, moving to a new area after graduation, or you're thinking about your retirement, all of these things take some forethought and planning.  Regardless of your current financial state, you can start planning for any future financial goal.   


Now, I understand this all sounds good in theory, but how do you make it happen? There are three key financial literacy topics to keep in mind as you consider your current situation: Budgeting, Savings, and Credit.  Building a solid foundation in these three areas can help you in understanding all there is to know about financial literacy.  Don't forget that the Financial Literacy Committee is here to help you with this by offering sessions which cover these three topics.  Check out the OTC calendar or speak with Cashier Services for dates and times that these sessions will be held.  The world is a classroom, and we are all students.  When it comes to financial literacy are you taking notes or doodling?

Money Matter$
"Utilize your resources. A lot of times students aren't aware of the multiple resources on their campus and many times they can help the most."  -Tracy H. My College Success Stories.com: Student Success Strategies
August 22, 2013

Mark Your Calendars
 

HELPFUL SITES

Truth in Lending Act-
Know your Rights:
www.in.gov/dfi/2582.htm

Get Your Free Credit Report
http://www.freecreditreport.gov

Financial Calculators
http://www.financialcalculators.com


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