Presented by: Richard L. Wright Financial Literacy Presented by: Richard L. Wright

10 tips to financial literacy Learn the lingo Get organized Set financial goals Evaluate your lifestyle Build your budget Track your spending Review regularly Use credit wisely Avoid or eliminate debt Plan for the future

1. Learn the lingo Treat words related to “finance” as terminology and a new language Study Financial Literacy as you would for your classes Go to the internet and search Financial Literacy websites

2. Get organized part one Understand where your money goes Get it down in writing either electronically on your computer, or with a planner or calendar Include all your bill due dates, when your getting your paycheck and or financial aid, how much your paycheck and or financial aid is going to be Know the money coming in and money going out, but tie that to dates that you have when things are due

2. Getting organized part two Set a financial appointment for yourself Every week set aside 20-30 minutes to look at your budget (not on the weekend) Look at your bank account, look at your financial calendar to know when your bills are due Plan at the next week or the next month

3. Set financial goals Goals need to be SMART Specific Measureable Achievable Realistic Time-oriented Create long term financial goals Created short term financial goals

4. Evaluate your lifestyle Look at where you are and set reasonable, realistic expectations for yourself Determine what your needs are Determine what your wants are Categorize every piece of spending that you do as a want or a need

5. Build your budget A budget is a spending and saving plan What money is coming in What money is going out Project out Plan ahead

6. Track your spending Track every penny that’s being spend in your life Look at every single category of spending and every single day of the month Every day that you spend money or get money, record it and put it under that particular day and that particular category before you go to sleep

7. Review regularly During your financial appointment with yourself, set that time to review your budget and review your spending Focus on improvement Acknowledge your mistakes and work on improvement

8. Use credit wisely Credit is not a crutch, it’s a tool for you to build a better financial future and to be able to achieve more and bigger goals later on Pay your bills on time every time Don’t charge too much on your credit cards Build a long steady financial history

9. Avoid debt If you don’t have debt continue to avoid having debt 3 simple rules of avoiding debt If you incur debt pay it off as soon as possible Budget for every expenditure that you have Do not carry credit cards with you Eliminate debt

10. Plan for the future You are usually in a transition period most of your life Engage in reflection and thought What’s your next step in life What’s your next goal