Guide to Being Financially Savvy

Students at Texas A&M International University anxiously wait for one particular day every semester. What day you ask? Refund day of course! A day when those who receive financial aid or take out loans get a little something to put back into their wallets. While most will have the urge to go off on shopping sprees, I am here to advise you to not too. Instead, take the initiative to plan ahead and secure your futures by investing your money wisely.

As college students, most of us are now presented with the added responsibility of dealing with financial matters. You are forced to deal with everything from paying for tuition, books, vehicles, and even the dreaded credit cards. Some are fortunate enough to receive financial aid or scholarships to help pay for tuition, while others must take out loans and work part time or even full time jobs to pay for school. Whatever the case may be, it is of the utmost importance that you learn to be financially savvy in order to survive in the real world.

Money management skills can be easily acquired by educating yourself on the matter. Most of the time words such as savings accounts and interest rates are thrown at us as if we are already suppose to know what all that means. As intimidating and overwhelming as it may all seem, it is important for us to take the time to truly understand these terms. According to Ben S. Bernanke, Chairman of Federal Reserve System, "Financially literate consumers make the financial marketplace work better, and they are better informed citizens as well."

The fact is between schooling and living expenses college students are at a great disadvantage. You are destined for debt long before achieving our goal of obtaining a degree. However, that does not have to be the case. If you take the initiative to invest your refund wisely instead of recklessly spending it then you will take one step closer toward financial independence and securing your future.

For more information, visit http://www.dallasfed.org, or for more tips visit http://www.uwcu.org

(Mariela Rodriguez may be reached at mariela_rod@dusty.tamiu.edu)