Learn ways to manage your finances.
Whether you're funding your college education, planning for a family, or planning your retirement, becoming financially literate is essential to making informed decisions that will help protect your assets and your economic future. UMGC wants to empower you with the basic information and tools you'll need to help better manage your money and financial opportunities.
What is Financial Literacy?
Financial literacy refers to the understanding and application of various financial skills such as budgeting, credit awareness, saving, investment, borrowing, and repaying debt. Understanding your financial situation empowers you to make reasonable decisions when setting goals, preparing for your future, and handling the unexpected.
How to Start
Set a plan for your financial health.
- Evaluate your starting budget based on your income and expenses. This could be weekly, monthly, or quarterly, depending on your financial situation and obligations.
- Using your income and expenses, outline your current financial situation. Determine if you are spending more than you are earning, if bills are being paid on time, if payments are being made in full, and if there are changes you need to make.
- Using the outcome of your analysis, set an achievable financial goal with a projected timeframe and determine what’s needed to achieve your goal.
- Remember to re-evaluate your budget (weekly, monthly, or quarterly) and make changes as needed.