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Posted April 6, 2015
Campus News

Financial Literacy Month teaches important life lessons

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Various events, part of Temple University's Financial Literacy Month, will take place throughout the month in order to inform the campus community of the importance of financial wellness.

April 1, typically known as April Fools Day, kicked off National Financial Literacy Month. Yet, financial literacy, or financial wellness, is certainly no joke.

For the third year in a row, Temple University has held a series of events as part of its own Financial Literacy Month initiative. Throughout April, the Bursar’s Office, the Fox School of Business, and other schools and departments across the university will hold various events to inform students—as well as alumni, faculty, staff and prospective students—of the importance of financial wellness.

Debt-reducing tips for students today

Glezerman advises the following tips for students:

  • Borrow from federal loan sources first. If you need to take out student loans to pay for classes, Federal Direct loans will have better borrower benefits and options. You should borrow at the lowest interest rate possible.

  • Keep track of your student loan borrowing. If you don’t, you’ll experience sticker shock when you get ready to graduate and find out how much you owe during your student loan exit interview.

  • Submit your FAFSA forms by the deadline and read your financial award letter. Because you must apply for financial aid every year, it is possible that finances for you or your family also have changed from year to year. There is no guarantee that you will receive the same amount of aid, even when other factors are unchanged.

  • Track your income and expenses, and create a budget. Not only is it important to know how much money you are earning (you don’t want to forget about taxes and other deductions), but it is also important to keep track of how much you’re spending, and where that money is going.

  • Don’t be afraid to ask for help if you’re having financial problems. Lenders and creditors have tools at their disposal to assist you when you are having financial difficulties. Ignoring the debt and your creditors only makes them think you don’t care. Poor credit stays on credit reports for seven years, so invest the time and seek out help.

Topics covered during the month of events include managing student and consumer debt, budgeting, investing and financial planning. Events for targeted audiences include one designed to help veterans take advantage of their benefits and one intended to help women hone salary negotiation skills.

These programs alone, though, will not work without students making a concerted effort to understand their finances and make smart financial decisions.

“The program is designed to help give people the tips they need to succeed now and in the future,” said David R. Glezerman, assistant vice president and bursar at Temple. “It’s especially important for students, because the decisions you make as a young person will affect you later in life.”

Below are highlights from Temple’s Financial Wellness event series. These events are open to Temple students, alumni, faculty and staff. For a complete list of events, visit the TU calendar.

- Erica Brooke Fajge

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