Five Ways to Increase Your Financial Literacy as a Busy College Student

Budgeting is tough. Trying to decipher financial jargon is even tougher. While it’s incredibly important, improving your financial literacy takes a lot of time, which is a luxury most college students don’t have. That’s why we’re here to share all the life hacks on how to improve your financial literacy as a busy college student.

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Soak up the free knowledge

1. The internet is your best friend.

There are a vast amount of free, easily-digestible government resources thanks to the Financial Literacy and Education Commision and the Consumer Financial Protection Bureau. They aim to help Americans learn more about money and grasp basic financial concepts!

2. Enlist guidance!

Looking for more immersive guidance? Non-profit organizations have stepped up to offer free, quality financial coaching services! MoneyThink specifically aims to help college students graduate with little to no debt. Their motto - “Less Debt. More Degrees.” Another organization going above and beyond is Operation Hope! They focus on ‘financial dignity and inclusion … (to) equip young people and adults with the ﬁnancial tools and education to secure a better future … with the mission of making free enterprise and capitalism work for the underserved.”

Make it fun!

If reading articles or taking courses sounds like a snooze to you, do not fret! It may sound shocking, but these last 3 tips will make improving your financial literacy fun!

3. Listen!

On the way to work? Going for a walk? Cleaning up around the house? Podcasts are a great way to fill some silent space, and there are tons of financial podcasts aimed to empower Millennials and Gen Z with the knowledge to achieve financial freedom! The latest and greatest podcast, sitting at #1 on the Spotify and Apple Music Top Business Podcast Charts, is the Finanicial Feminist Podcast by Tori Dulap of Her First 100k - her goal is to teach you “how to make more, spend less, and feel financially confident in a world run by rich white men.”

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4. Hit the follow button!

People know that financial literacy is not something that you can learn overnight. That’s why there are a plethora of resources available on social media platforms! All you have to do is hit the follow button to sprinkle in some educational material in your feed - a little goes a long way! Search what you’re interested in learning (budgeting, stocks, student loans, etc.) and you’ll be presently surprised by the number of people who have created platforms devoted to making money topics engaging and informative!

5. Recruit your friends!

The best way to make the journey fun is to recruit a friend to join the journey with you. Commit to sign up for a finance course offered by your college or mark off time to enroll in an online program together! There are tons of free reputable resources like InCharge, Harvard College, and Financial Literacy Rocks! With your new knowledge, you and your friend can commit to designing and maintaining a budget - create incentives for each other to stick to the budget and hold each other accountable!

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According to The National Foundation for Credit Counseling’s (NFCC) 2019 Consumer Financial Literacy Survey, 60% of U.S. adults have had credit card debt in the past 12 months, and 83% of millennials who carry debt find it difficult to minimize. Don’t let yourself be part of these statistics and start setting yourself up for future financial freedom!

Sources

https://www.savingforcollege.com/article/financial-literacy-for-college-students

https://www.collegemagazine.com/college-financial-freedom/

https://www.usnews.com/education/financial-literacy-college-students

https://everfi.com/blog/colleges-universities/financial-education-for-college-students/

Mentioned in this article

https://www.nfcc.org/data/

https://www.thebalance.com/free-budget-spreadsheet-sources-1294285

https://financialliteracy.rocks/financial-literacy-for-college-students/

https://college.harvard.edu/guides/financial-literacy

https://www.incharge.org/financial-literacy/resources-for-teachers/college/

https://herfirst100k.com/financialfeministpodcast