Newsroom
Financial literacy tips provided throughout the month of April
By Beth Ziehmer
April 29, 2015
Throughout the month of April, Mapping Your Future offered the following tips highlighting some of the money management tools and applications offered on the website:
- Are you financially fit? Take Mapping Your Future's financial fitness quiz.
- Learn the difference between your wants and needs and how to manage them by playing Show Me the Future®.
- Learn how to balance your checkbook, even if you bank online. This is an important money management skill. It is your responsibility to keep track of how much money is in your checking account.
- Live within your means! In other words, you shouldn't be spending more money than you earn. Make sure you have set up a budget and that you are following it on a regular basis.
- Use the budget calculator to learn how to create a livable budget.
- You work hard for your money. . . pay yourself first. Learn how to save money and see how fast your balance can grow!
- See how quickly your savings can grow.
- Use loyalty and affinity programs and save for college by shopping at certain stores, buying particular products, or using a designated credit or debit card. Make sure not to overspend just to gain benefits.
- Learn about some of the different investment options available.
- Review and understand your credit report.
- Understand and improve your credit score.
- Learn how to prevent and detect identify theft. 50% of reported identity fraud is perpetrated by relatives, friends and neighbors, or acquaintances of the victim.
- Claim tax credits and deductions for education.
- Use any tax refund to help pay existing bills or start or enhance your savings account.
- Estimate how much you can borrow with Mapping Your Future's debt/salary wizard.
- Be prepared for your student loans going into repayment. Estimate what your student loan payment will be under the standard repayment plan.
- Don't let your student loan debt get out of control, learn how to manage it.
- All federal students loans are not the same. They each have different terms, limits, and agreements. Learn more.
- Understand your student loan repayment terms.
- Can't afford your student loan payment under the standard repayment plan? There are other options if you qualify. Estimate your student loan payment under the income-based repayment plan, this plan may help you avoid defaulting on your loans.
- Not able to pay your student loans? Consider deferments to temporarily suspend your payments.
- Temporarily unable to make full payments and don't qualify for a deferment? Ask about forbearance.
- Consider a Direct Consolidation Loan to combine multiple student loans, resulting in one loan payment and loan holder.
- You make a plan for everything else in your life, make sure you make a plan on how to spend, save, and invest your money by creating a budget.
- Can't pay your bills and need help? Consider consumer credit counseling.
- Having problems making student loan payments? Find solutions.
- Take the pledge for financial wellness.
- Learn how to avoid student loan delinquency and default.
- Have student loans with more than one lender? Determine who holds your loans.
- Decrease the total amount you pay over the life of your loan by paying the interest on your federal loan while in school instead of deferring it.
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