A College Student’s Guide to Financial Literacy: Benefits, Tips, + Resources

For many students, college is the first significant investment in their lives. But it definitely won’t be the last! Saving money, having smart spending habits, and being prepared for emergency expenses are essential for any student. It’s especially vital for those with substantial college debt limiting their disposable income. 

The annual cost of tuition usually ranges between $9,300 and $35,800. Aside from that, you can expect to pay for other things, such as textbooks, transportation, housing, and various fees. 

So, how can you cover all the expenses and still have enough funds left?

Look no further! Check out our experts’ tips and insights to become more financially savvy and develop a healthy money mindset in college. 

💸 Financial Literacy 101: Infographic

This infographic will help you improve your financial literacy and avoid dangerous pitfalls.

🏆 21 Best Financial Literacy Resources for Students

Financial literacy doesn’t have to be boring! There are hundreds of tools and apps designed to help you budget, save, and spend money the smart way. Find some of our favorites below, and feel free to try them out.

Top 7 Websites

🌐 FinAid	This is your go-to resource for finding out the actual costs of studying in college and accessing all kinds of financial aid.
🌐 CashCourse	CashCourse offers excellent financial literacy courses for students. It also features helpful assignments and tools.
🌐 AFSA Education Foundation	This nonprofit has a mission to educate students of all ages on financial matters. Their online course, MoneySkill, covers 37 topics.
🌐 CentsaiEducation	CentsaiEducation offers an easy way to improve financial literacy through bite-sized videos and articles.
🌐 MyMoney	Here, you can find tips on making financial choices related to significant life events, be it college education or home ownership.
🌐 World of Money	This website offers online courses designed specifically for younger audiences ages 7-21. Its immersive and holistic approach makes it especially effective.
🌐 InCharge	InCharge was created by a debt solutions company. It has ten downloadable personal finance lessons for college students as well as teacher’s guides.

Top 7 Mobile Apps

🚀 Mint	This app helps you create a budget based on different categories of expenses. You can set monetary limits for each category and track them separately.
🚀 Albert	This app gives you suggestions on how to cut back on your expenses and thus save more money. Besides, it allows you to message financial experts and receive advice.
🚀 Simple Budget	Simple Budget allows you to track your expenses, set goals, and plan for the future. You can also use it to track bills.
🚀 EveryDollar	This is a perfect app for zero-based budgeting. It uses a unique money-managing plan that helps college students to save money and avoid overspending.
🚀 Wally	Wally is a GPT-powered app suitable for college students. You use it to enter information about your transactions and track your spending.
🚀 Zogo	This fantastic app uses educational games to teach financial concepts. It offers over 300 gaming models tailored to Gen Z users.
🚀 YouNeedABudget	YNAB is based on an effective four-step method of saving and organizing money.  It will help you make better financial choices and reduce stress.

Top 7 Financial Literacy Tools

💡 Google Sheets	Google Sheets is perfect for creating spreadsheets to track your expenses and savings.
💡 Microsoft Excel	This software is another way to create spreadsheets. It even has custom budgeting templates you can use.
💡 Investor.gov	This website offers helpful financial tools for free, including calculators, estimators, and analyzers.
💡 Erica AI	This smart assistant is available to Bank of America users. It can give you financial advice, suggest personalized strategies, and help you manage your account.
💡 Bankrate Financial Calculators	Here, you will find over 50 tools tailored to calculating mortgages, auto loans, retirement finances, and more.
💡 PocketSmith	This tool can track your budget and provide cash flow forecasts up to 30 years in the future.
💡 Tiller	Tiller will help import your financial information into Excel and Google Sheets automatically.

With these tools and resources, you will be on top of your financial game! We also recommend you check out books and blogs on financial literacy to become even more knowledgeable. Feel free to share this article with your friends, and good luck!

🔗 References

1. Solvency 101: A Guide to Financial Literacy for College Students: MoneyWise
2. Why Financial Literacy Is Important for Students (With FAQs): Indeed
3. Financial Literacy: What It Is, and Why It Is So Important: Investopedia 
4. Why Is Financial Literacy Important for College Students?: CollegeRaptor
5. The Best Financial Literacy Tools for Students: BestColleges
6. The 35 Top Budgeting Apps and Personal Finance Tools You Need to Know: Purdue Global
7. Financial Literacy: What College Students Need to Know: US News
8. What Are the Major Benefits for Students to Become Financially Literate?: University of Wisconsin – Green Bay
9. Financial Literacy of Students and Young People: OECD.org 
10. Financial Literacy: Edutopia