{"id":2620,"date":"2020-07-21T23:49:16","date_gmt":"2020-07-21T23:49:16","guid":{"rendered":"https:\/\/www.wcsu.edu\/finaid\/?page_id=2620"},"modified":"2025-07-21T13:40:55","modified_gmt":"2025-07-21T13:40:55","slug":"financial-literacy","status":"publish","type":"page","link":"https:\/\/www.wcsu.edu\/finaid\/financial-literacy\/","title":{"rendered":"Financial Literacy"},"content":{"rendered":"<p><strong>Western Connecticut State University is committed to helping students gain knowledge and access to resources to make the best financial decisions for themselves.<\/strong><\/p>\n<p><strong>The following financial literacy information helps students understand basic personal finance concepts and other helpful tools to practice good financial habits for future financial success.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-2622\" src=\"\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Understanding-Aid_WebIcon.png\" alt=\"\" width=\"601\" height=\"100\" srcset=\"https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Understanding-Aid_WebIcon.png 1800w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Understanding-Aid_WebIcon-300x50.png 300w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Understanding-Aid_WebIcon-1024x171.png 1024w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Understanding-Aid_WebIcon-768x128.png 768w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Understanding-Aid_WebIcon-1536x256.png 1536w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/strong><\/p>\n<p><strong>We understand that making choices about paying for college is often the first major financial decision that young adults will make. Learn more about financial aid and how to be a responsible consumer from Federal Student Aid.<\/strong><\/p>\n<p><a href=\"https:\/\/studentaid.gov\/h\/understand-aid\/how-aid-works\">How Financial Aid Works<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/Pn4OECMTh5w\">Types of Financial Aid<\/a><\/p>\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\">Who is My Student Loan Servicer?<\/a><\/p>\n<p><a href=\"https:\/\/studentaid.gov\/sites\/default\/files\/repaying-your-loans.pdf\">Repaying your Student Loans<\/a><\/p>\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/default\/avoid\">Steps to Avoid Student Loan Default<\/a><\/p>\n<p><a href=\"https:\/\/www.citizensbank.com\/learning\/first-student-loan-payment.aspx?\">Prepare Now for your First Student Loan Payment<\/a> (Citizens Bank)<\/p>\n<p><a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType+fa\">Financial Awareness Counseling<\/a> \u2013 you\u2019ll need your FSA ID<\/p>\n<p><em>Video:<\/em> <a href=\"https:\/\/embed.vidyard.com\/share\/8NXdPL3kaGeuZo49YTw9Mn\">How to Find Free Money for College<\/a> (Sallie Mae)<\/p>\n<p><em>Video:<\/em> <a href=\"https:\/\/youtu.be\/mTHtn0FRMWw\">Responsible Borrowing<\/a><\/p>\n<p><em>Video:<\/em> <a href=\"https:\/\/youtu.be\/Nqs0CvY-PmI\">Student Loan Repayment Options<\/a><\/p>\n<p><em>Tool:<\/em> <a href=\"https:\/\/studentaid.gov\/loan-simulator\/\">Federal Student Aid Loan Simulator<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2623\" src=\"\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Budgeting_WebIcon.png\" alt=\"\" width=\"601\" height=\"100\" srcset=\"https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Budgeting_WebIcon.png 1800w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Budgeting_WebIcon-300x50.png 300w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Budgeting_WebIcon-1024x171.png 1024w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Budgeting_WebIcon-768x128.png 768w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Budgeting_WebIcon-1536x256.png 1536w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p><strong>The first step in creating a budget is to identify how budgeting can help you. There are many personal reasons someone creates a budget. Some common, overarching benefits of budgeting include:<\/strong><\/p>\n<ul>\n<li>Meet your expenses and creates a plan to reach financial goals<\/li>\n<li>Create a framework for short and long term goals<\/li>\n<li>Develop a sense of control over your money<\/li>\n<\/ul>\n<p><strong>Start by making your own list of personal reasons for creating a budget. Ask yourself \u2013 Are my expenses more than my income? How can I earn more income? Am I building my savings? <\/strong><strong>Here are some helpful tips to get you started.<\/strong><\/p>\n<p><a href=\"https:\/\/www.bestcolleges.com\/resources\/budgeting-in-college\/\">Budgeting in College<\/a> (Best Colleges)<\/p>\n<p><a href=\"https:\/\/www.sofi.com\/learn\/content\/steps-for-better-budgeting\/\">9 Steps to Better Budgeting<\/a> (SoFi)<\/p>\n<p><a href=\"https:\/\/www.sofi.com\/learn\/content\/fun-ways-to-save-money\/\">Fun Ways to Save Money<\/a> (SoFi)<\/p>\n<p><a href=\"https:\/\/www.citizensbank.com\/learning\/Savings-Tips-For-Your-Personality.aspx?\">Quiz: Savings Tips for your Personality<\/a> (Citizens)<\/p>\n<p><em>Worksheet:<\/em> <a href=\"https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2021\/04\/Weekly-Spending-Tracker.pdf\">Weekly Spending Tracker<\/a> (printable)\u00a0 |\u00a0 <a href=\"https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2021\/04\/Weekly-Spending-Tracker_Fillable.pdf\">Weekly Spending Tracker<\/a> (fillable; best in Google Chrome)<\/p>\n<p><em>Workbook:<\/em> <a href=\"https:\/\/www.incharge.org\/wp-content\/uploads\/2015\/07\/Student-College-Lesson-1.pdf\">The Art of Budgeting<\/a> (InCharge Debt Solutions)<\/p>\n<p><em>Budgeting Apps Examples:<\/em> <a href=\"https:\/\/www.mint.com\">Mint<\/a>; <a href=\"https:\/\/goodbudget.com\">Good Budget<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2631\" src=\"\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Credit_WebIcon.png\" alt=\"\" width=\"601\" height=\"100\" srcset=\"https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Credit_WebIcon.png 1800w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Credit_WebIcon-300x50.png 300w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Credit_WebIcon-1024x171.png 1024w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Credit_WebIcon-768x128.png 768w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Credit_WebIcon-1536x256.png 1536w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p><strong>An individual\u2019s credit history is a list of transactions on a credit report. A credit report shows lenders, landlords, employers, and retailers how financially successful you have been in the past in terms of repaying your debts.<\/strong><\/p>\n<p><strong>The three most popular credit reports are compiled by Experian, Equifax, and TransUnion. Learn more about these <a href=\"https:\/\/www.thebalance.com\/who-are-the-three-major-credit-bureaus-960416\">credit bureaus<\/a>.<\/strong><\/p>\n<p><a href=\"\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/FICO-booklet-20_Sallie-Mae.pdf\">Understanding Credit<\/a> (Sallie Mae)<\/p>\n<p><a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/credit-score-ranges-and-how-to-improve\">What is a Credit Score?<\/a> (NerdWallet)<\/p>\n<p><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/what-is-a-fico-score-how-is-it-calculated\">What is a FICO Score?<\/a> (Business Insider)<\/p>\n<p><a href=\"https:\/\/www.thebalance.com\/having-good-credit-score-960528\">Benefits of Having a Good Credit Score<\/a> (The Balance)<\/p>\n<p><a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/how-to-build-credit\">How Do I Start to Build Credit?<\/a> (NerdWallet)<\/p>\n<p><a href=\"https:\/\/www.citizensbank.com\/learning\/opening-a-store-credit-card.aspx??WT.mc_id=Citizens-Debt-Mgmt-Learning-GP-_-19-Q3-August-_--_-Recommended-_-CB\">Store Credits Cards &#8211; Ok or Scam?<\/a> (Citizens)<\/p>\n<p><a href=\"https:\/\/www.sofi.com\/learn\/content\/student-loans-and-credit-scores\/\">How Do Student Loans Affect your Credit Score?<\/a> (SoFi)<\/p>\n<p><a href=\"https:\/\/www.thebalance.com\/side-effects-of-bad-credit-960383\">The Side Effects of Bad Credit<\/a> (The Balance)<\/p>\n<p><em>Video:<\/em> <a href=\"https:\/\/youtu.be\/Hf4BgvN5f_E\">How a FICO Score is Determined<\/a> (Econ LowDown)<\/p>\n<p><em>Tool:<\/em> <a href=\"https:\/\/www.sofi.com\/credit-card-interest-calculator\/\">Credit Card Interest Calculator<\/a> \u2013 How much interest will you pay? (SoFi)<\/p>\n<p><em>Workbook:<\/em> <a href=\"https:\/\/www.incharge.org\/wp-content\/uploads\/2015\/07\/Student-College-Lesson-5.pdf\">Credit Cards<\/a> (InCharge Debt Solutions)<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2632\" src=\"\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Resources_WebIcon.png\" alt=\"\" width=\"601\" height=\"100\" srcset=\"https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Resources_WebIcon.png 1800w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Resources_WebIcon-300x50.png 300w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Resources_WebIcon-1024x171.png 1024w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Resources_WebIcon-768x128.png 768w, https:\/\/www.wcsu.edu\/finaid\/wp-content\/uploads\/sites\/47\/2020\/07\/Resources_WebIcon-1536x256.png 1536w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p><a href=\"https:\/\/studentaid.gov\">Federal Student Aid<\/a> \u2013 Learn more about federal grants and loans including types of federal aid, loan repayment plans, and loan forgiveness options.<\/p>\n<p><a href=\"https:\/\/cashcourse.org\">Cash Course<\/a> \u2013 Offers a variety of information to assist student in becoming financially informed with topics including building money management skills and managing debt.<\/p>\n<p><a href=\"https:\/\/www.citizensbank.com\/learning\/college\/planning-for-college.aspx?ctzMode=CFG-EDU_SAL_ISA_CTZ\">College Bound Citizens<\/a> &#8211; Resource provided by Citizens Planning for College<\/p>\n<p><a href=\"http:\/\/ctdollarsandsense.com\/\">CT Dollars &amp; Sense<\/a> \u2013 Financial Literacy portal by CHESLA and CHET for assisting Connecticut students.<\/p>\n<p><a href=\"https:\/\/nam11.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.salliemae.com%2Fcollege-planning%2Ftools%2Ffor-industry-professionals%2F&amp;data=05%7C01%7Cherediaa%40wcsu.edu%7C67dcb0ca22e04d8503bd08db00a92abc%7Ce1622dbc94ba48ad87bba7f28074ee3d%7C0%7C0%7C638104500214008678%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=Bkfci8kcjvH9dFzpyowztqcr3BnRsnSW2Nj%2BLyyPhpM%3D&amp;reserved=0\">Paying for College<\/a> \u2013 Resource provided by Sallie Mae to assist families with planning for college.<\/p>\n<p><a href=\"https:\/\/www.sofi.com\/learn\/\">SoFi Learn<\/a> \u2013 Resource provided by SoFi including money matters, tools, and calculators.<\/p>\n<p>&nbsp;<\/p>\n<p><em>The information provided in this section serves as a resource to students. <\/em><br \/>\n<em>WCSU does not promote any specific company, product, or service.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h6><em>Updated: 07\/21\/2025<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Western Connecticut State University is committed to helping students gain knowledge and access to resources to make the best financial decisions for themselves. The following financial literacy information helps students understand basic personal finance concepts and other helpful tools to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2620","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.wcsu.edu\/finaid\/wp-json\/wp\/v2\/pages\/2620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wcsu.edu\/finaid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.wcsu.edu\/finaid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.wcsu.edu\/finaid\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wcsu.edu\/finaid\/wp-json\/wp\/v2\/comments?post=2620"}],"version-history":[{"count":0,"href":"https:\/\/www.wcsu.edu\/finaid\/wp-json\/wp\/v2\/pages\/2620\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.wcsu.edu\/finaid\/wp-json\/wp\/v2\/media?parent=2620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}