Do You Know What is Financial Literacy?
Financial literacy means having the knowledge and skills to make informed, confident decisions about your money—both now and in the future. It’s not just about budgeting; it’s about understanding how your financial choices affect your daily life, your education, your mental health, and your long-term goals.
Whether you're managing a meal plan, saving for an emergency, paying bills, or preparing for your first job offer, financial literacy gives you the tools to stay in control, reduce stress, and build the future you want.
Ready to Take Control of Your Finances?
Whether you're just starting your financial journey or looking to sharpen your money skills, personalized support is available. Registered students may schedule a free one-on-one financial literacy advising session to ask questions, get guidance, and build confidence in managing their money.
Curtis Sanders, MBA | Financial Literacy Program Coordinator
csand4@uis.edu | 217-206-6508 | Career Development Center in HRB 80 | Appointments available throughout the week in HRB 80 or via Zoom
Budget & Expense Tracking
Budgeting Basics: Take Control of Your Finances
Creating and following a budget is one of the most powerful steps you can take toward financial wellness — especially as a student. A budget is more than just numbers; it's a plan for how you'll use your money to meet your needs, reduce stress, and achieve your goals.
Start with a monthly spending plan.
- A spending plan helps you map out your income and expenses so you can track where your money is going. It ensures you can cover essentials, avoid overspending, and build savings over time.
Know the difference: Fixed vs. Variable Costs.
- Fixed costs stay the same each month (e.g., rent, subscription services, loan payments).
- Variable costs fluctuate (e.g., groceries, transportation, entertainment).
Understanding these can help you identify where to cut back if needed.
Make the most of limited income.
- Student income — whether from part-time jobs, work-study, or allowances — can be tight. Budgeting helps you stretch those dollars, prioritize essentials, and plan ahead for irregular expenses (like books or travel).
Budgeting resources
Tips & Tricks for making a budget
Saving
What is saving?
Saving is the act of setting aside money now to prepare for the future.
What to save for?
- Big ticket items, such as a car, house, or wedding
- Emergencies, such as medical expenses or unemployment
- Retirement
- Other unplanned expenses, such as car repairs
Where to put savings?
Banks and credit unions are the two common types of financial institutions that offer savings options.
Savings Accounts vs. Certificates of Deposit vs. Money Market Accounts
Generally, banks and credit unions provide four basic types of accounts to help you manage your settings:
- Savings Accounts – Ideal for short-term goals and emergency funds. They earn modest interest and allow easy access, though some may limit the number of withdrawals per month.
- Certificates of Deposit (CDs) – These accounts lock in your money for a set period (like 6 months or 1 year) in exchange for a higher interest rate. There are penalties if you withdraw early.
- Money Market Accounts – These offer higher interest than regular savings accounts and often come with check-writing privileges. They may require a higher minimum balance.
- Checking Accounts – Best for everyday spending. These usually don’t earn interest, but they allow unlimited withdrawals and purchases via debit card or checks.
Saving Resources
Understanding Credit
What is credit?
Credit is your ability to borrow money now with the promise to repay it later. It can come in many forms, such as credit cards, loans, or financing agreements.
What is a credit score?
A credit score is a number that lenders use to assess how likely you are to repay your debts.
- Scores range from 300–850
- 670+ (FICO) or 700+ (VantageScore) is considered good
- Your score is based on factors like payment history, amount owed, credit length, and new credit inquiries.
What is a credit report?
A credit report summarizes your borrowing history and repayment behavior. It does not include your credit score.
You can access your report for free once per year from each of the three credit bureaus: Annual Credit Report
How to Use Credit Wisely?
Tips to establish and maintain good credit:
- Open a checking and savings account
- Start with one credit card
- Make on-time payments every month
- Keep your credit utilization below 30%
- Let accounts age—length of credit history matters
- Check your credit report regularly
Managing Debt
What is debt?
Debt is money borrowed that must be repaid—often with interest. Mismanaging debt can hurt your credit and overall financial well-being.
Common student traps to avoid:
- Payday loans or high-interest short-term borrowing
- Overusing Buy Now, Pay Later services without a repayment plan
Paying off credit card debt:
There are two popular methods:
- Avalanche Method
Pay off the card with the highest interest rate first while making minimum payments on others. Saves more on interest long term. - Snowball Method
Pay off the card with the smallest balance first to gain momentum and confidence.
Tip: Pause new charges while working on debt payoff.
Debt Resources
Salary Negotiation
Salary Negotiation & Career Prep
- Know your worth: research salaries for your field at sites like Salary.com, Glassdoor, and the Illinois Comptroller's Salary Database.
- Learn to evaluate full compensation: benefits, retirement, paid time off, etc.
- Practice how to negotiate a starting salary or internship pay with confidence.
“Based on my research and the value I bring, I’d like to discuss a salary that aligns with the market rate for this role.”
Negotiations Resources
Financial Wellness & Mental Health
Financial Wellness & Mental Health
Did you know? Financial stress is one of the leading causes of anxiety in college students.
Promote Mental Wellness by:
- Setting small, achievable financial goals.
- Practicing a financial self-care routine (e.g., weekly “money check-ins”).
- Using money habits to build structure and confidence.
- Talking to a coach or counselor if money feels overwhelming.
Financial Wellness Resources
Helpful Calculators
University System Resources
Student Money Management Center
Badges – Build Your Financial Skills with the SMMC Badges Program
Want to boost your financial knowledge at your own pace? The Student Money Management Center (SMMC) offers free, self-paced courses through its Badges Program, designed to help you master essential money topics like budgeting, credit, student loans, and more.
Podcasts - Tune In: Making Cents of Money Podcast
Get financial tips on the go! The Making Cents of Money podcast explores real-world money topics in quick, digestible episodes.
Webinars - Learn Live with the Get Savvy Webinar Series
Looking for expert financial advice on real-life topics? The Get Savvy: Grow Your Green Stuff webinar series brings together financial educators across Illinois to deliver free, interactive webinars throughout the academic year.