LibGuides: Financial Literacy: The Basics

What is Financial Literacy?

Financial Literacy is having the financial know-how to make your own decisions on things like banking, loans, investing, insurance, and more. The easiest place to begin your financial literacy training is learning how to budget! Use these free templates from mint.com or these worksheets from CashCourse to begin calculating your budget. Track your spending and see if you can stick to your plan.

Resources from Gumberg

Print Books: (Follow the links to read more about the books and request them!)

Essentials of Money, Banking and Financial Institutions by Samuel K. Andoh; Benjamin A. Abugri (As told to); John Oluseyi Kuforiji (As told to)
Call Number: HG1496 .A54 2014 (Gumberg 3rd floor)
The primary purpose of Essentials of Money, Banking and Financial Institutions is to provide a text in money, banking, and financial institutions in the context of the developing economies, especially Africa. (Also available as an ebook below.)
Credit Card Nation by Robert D. Manning
Call Number: HG3755.8.U6 M36 2000 (Gumberg 3rd floor)
The history of the credit card industry's expansion is one of the creation of a new class of consumers who utilize credit--and its steep interest and penalty rates--for economic survival. Manning discusses the societal toll that the "credit card nation" is placing on the young, the elderly, and all those in search of the "good life" marketed by the credit card and banking industries.

eBooks: (Note: You will have to enter your MultiPass credentials to access these off-campus.)

The Money Compass by G. Stevenson Smith; Mark Grimaldi
In The Money Compass, Grimaldi teams up with accounting professor G. Stevenson Smith to offer a wealth of smart investing advice for today's investor. This plain-English guide to good investing presents practical strategies and actionable advice for safely navigating today's financial markets.
Essentials of Money, Banking and Financial Institutions by Samuel K. Andoh
The primary purpose of Essentials of Money, Banking and Financial Institutions is to provide a text in money, banking, and financial institutions in the context of the developing economies, especially Africa. (Available in print above.)

Resources from the Web

CashCourse
Use CashCourse for quick online financial education resources.
MyMoney.Gov
From the Federal Financial Literacy and Education Commission, explore the five money principles and browse their spotlight resources.
Consumer Financial Protection Bureau
Sift through this list of financial literacy links from the Consumer Financial Protection Bureau.
Federal Trade Commission
The Federal Trade Commission covers every topic of financial literacy under the sun.
Saving Fitness: A Guide to Your Money and Your Future
This 56-page-long guide from the U.S. Dept. of Labor covers different methods of saving with a specific focus on retirement. (Don't think you need to be thinking about retirement just yet? Read this - you'll change your mind!)

Earn More, Spend Less

Easier said than done. Calculate your monthly income and bills - anything leftover is yours to spend. But you may want to think about budgeting that amount to start a savings/emergency fund. Here are some tips to increase your savings:

Avoid racking up fees with your credit card companies and banks. Make payments on-time to avoid late fees, continually track your spending to make sure you are above the minimum balance, and get overdraft protection when possible for if you spend more than what's in your checking account.
Check for coupons before you make a purchase! Pay attention to the grocery flyers and search coupon websites for deals you might have missed. Get coupon apps, like Cartwheel for Target and DDPerks, to save money and get rewards points!

Source: Pictures of Money, Flickr, CC BY 2.0

Take advantage of student discounts! These are especially helpful on big-ticket items, like laptops.
While it's hard to work in school, pick up a part-time job (or two) to help cover your expenses. There are flexible options, like becoming a babysitter or a ride sharing driver.
Cut down on the number of times you eat out every week. It's tempting to grab Chick-fil-A for lunch every day, but preparing a salad or opting for the soup leftovers from the night before is a better choice monetarily.

Source: Pictures of Money, Flickr, CC BY 2.0

Source: CashCourse modules

Guide Author

This guide was created by Kelsey O'Rourke, MLIS.