Information on budgeting, spending, credit cards, taxes, student loans, saving, investing, and other personal finance topics.

What Is Financial Literacy?

Financial literacy is possessing the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.

As a college student, it is important to consider the impact that achieving a degree will have on your finances. The cost of living in Flagstaff is high and takes some getting used to. Understanding this early on and taking steps to prepare for your future and financial well-being will help you tremendously in the long run.

Below are topics that can help you along this path.


Money Basics

There are 8 important steps to build financial health:

  1. Have a Budget - Create a plan for how to spend your money.
  2. Use a Bank or Credit Union - Keep your money safe! Determine your needs and find a bank or credit union that works for you.
  3. Use a Checking Account - Pay for goods or services directly via debit card or a check.
  4. Cashing Paycheck - Get your money without paying high fees.
  5. Use Virtual Money Tools - Utilize apps to transfer or receive money quickly.
  6. Obtain Insurance - Insurance is paying a monthly fee, in case something goes wrong that would cost a lot to replace or fix. Usually, you will pay a portion, or deductible, of the cost at the time of the incident, for example, health, renters, and auto insurance.
  7. Plan for Retirement - It is important to save money, start early, and understand options like an IRA, 401K, and pensions.
  8. Learn About Taxes - Know the minimum requirements and when to file your taxes. Remember these areas when planning your financial life!