Financial literacy tips provided throughout the month of April

April 28, 2011

Throughout the month of April, Mapping Your Future sent out the following tips highlighting some of the money management tools and applications offered on the website:

Financial literacy tip #1: Are you financially fit? Take Mapping Your Future's financial fitness quiz.

Financial literacy tip #2 Learn the difference between your wants and needs and how to manage them by playing Show Me the Future®.

Financial literacy tip #3 Learn how to balance your checkbook, even if you bank online. This is an important money management skill. It is your responsibility to keep track of how much money is in your checking account.

Financial literacy tip #4 Setting a budget doesn't have to be a project you dread! Learn how to get started.

Financial literacy tip #5 Use the budget calculator to learn how to create a livable budget.

Financial literacy tip #6 You work hard for your money…pay yourself first. Learn how to save money and see how fast your balance can grow!

Financial literacy tip #7 See how quickly your savings can grow.

Financial literacy tip #8 Use loyalty and affinity programs and save for college by shopping at certain stores, buying particular products, or using a designated credit or debit card. Make sure not to overspend just to gain benefits.

Financial literacy tip #9 Learn about some of the different investment options available.

Financial literacy tip #10 Review and understand your credit report.

Financial literacy tip #11 Understand and improve your credit score.

Financial literacy tip #12 Learn how to prevent and detect identify theft. 50% of reported identity fraud is perpetrated by relatives, friends and neighbors, or acquaintances of the victim

Financial literacy tip #13 Claim tax credits and deductions for education.

Financial literacy tip #14 Use any tax refund to help pay existing bills or start or enhance your savings account.

Financial literacy tip #15 Estimate how much you can borrow with Mapping Your Future's debt/salary wizard.

Financial literacy tip #16 Don't be caught off-guard once your student loans go into repayment. Estimate what your student loan payment will be under the standard repayment plan.

Financial literacy tip #17 Don't let your student loan debt get out of control, learn how to manage it.

Financial literacy tip #18 All federal students loans are not the same. They each have different terms, limits, and agreements. Learn more.

Financial literacy tip #19 Understand your student loan repayment terms.

Financial literacy tip #20 Can't afford you student loan payment under the standard repayment plan? There are other options if you qualify. Estimate your student loan payment under the income-based repayment plan, this plan may help you avoid defaulting on your loans.

Financial literacy tip #21 Not able to pay your student loans? Consider deferments if you to need to temporarily suspend your payments

Financial literacy tip #22 Temporarily unable to make full payments and don't qualify for a deferment? Ask about forbearance.

Financial literacy tip #23 Consider a Direct Consolidation Loan to combine multiple student loans, resulting in one loan payment and loan holder. Calculate your payments and interest.

Financial literacy tip #24 Want to continue your education? Review your loan options.

Financial literacy tip #25 Can't pay your bills and need help? Consider consumer credit counseling.

Financial literacy tip #26 Having problems making student loan payments? Find solutions.

Financial literacy tip #27 Understand loan cancellation, forgiveness, and discharge.

Financial literacy tip #28 Learn how to avoid student loan delinquency and default.

Financial literacy tip #29 Have student loans with more than one lender? Determine who holds your loans.

Financial literacy tip #30 Pay the interest on your federal student loans while in school (instead of deferring it.) It will dramatically decrease the total amount you pay over the life of your loan.

For more information, contact Sherry Hildebrand at sherry@mappingyourfuture.org or (512) 635-3315.