Financial Literacy

What Is Financial Literacy?

Financial literacy means understanding how money works and how to manage it wisely. It is
about learning key skills you need to make smart financial decisions now and in the future.

Why Is Financial Literacy Important?

As a student, you may be starting to earn your own money, take out loans, or use a credit card.
Knowing how to handle your finances now can help you avoid common money mistakes and set
you up for long-term success.

Key Financial Skills Every Student Should Know

1. Budgeting - Learn to manage your finances effectively to ensure your funds last through
   the end of the month.
2. Saving - Putting money aside for emergencies, future expenses, or big goals like travel
   or graduation.
3. Managing Student Loans - Understanding how student loans work, how interest adds
   up, and how to repay them.
4. Using Credit Wisely - Knowing what a credit score is, how to build good credit, and
   how to avoid credit card debt.
5. Banking Basics - How to open and manage a checking or savings account, use online
   banking, and avoid fees.

In Short

Financial literacy helps you make smart choices with your money—from handling everyday
expenses to preparing for life after school. The earlier you learn, the better prepared you’ll be for
the real world.

Click “RAMS Who Know Money” to explore a wide range of essential financial topics.
You will find helpful information on repaying student and personal loans, creating and
maintaining a budget, building your savings, managing checking and savings accounts,
and using credit cards wisely and responsibly. Whether you're just starting out or looking
to improve your financial skills, these resources can help you make informed decisions
and take control of your financial future