Financial aid practitioners can use the 10 tips outlined below to help empower their students to make wise decisions with their money. 

Contact: Allie Arcese
Director of Communications
202-785-6954
[email protected]

WASHINGTON, D.C., APRIL 10, 2023 — Throughout the month of April, NASFAA joins the higher education community and other organizations across the country to celebrate Financial Literacy Month. Making smart choices with your money doesn’t stop with paying for college — students need to be educated about managing their financial lives outside of school, too. 

“Financial literacy is a necessity in today’s world. Just as we learn other crucial life skills, we must learn to manage our money efficiently,” said NASFAA National Chair Brad Barnett, associate vice president for access and enrollment management and director of financial aid and scholarships at Virginia’s James Madison University. “I encourage my colleagues in student financial aid to use this month to educate your students and empower them to make wise decisions, and pave the way for a brighter financial future."

Take a look below for 10 tips to share with students this Financial Literacy Month.

1. Create a budget: Start by calculating your monthly income and expenses. Use this information to create a budget that works for you.

2. Track your spending: Keep track of every dollar you spend to help you stick to your budget.

3. Be smart about debt: If possible, avoid taking on debt. If you must take on debt, be aware of interest rates, and make sure payments fit into your budget.

4. Save for emergencies: Set aside some money each month in case of emergencies.

5. Save for the future: Start saving for retirement as early as possible to give your money time to grow.

6. Live within your means: Try to live within your means by avoiding unnecessary expenses and making smart purchasing decisions.

7. Plan for big expenses: Whether it's a down payment on a house or a new car, plan ahead for big expenses by saving up and making informed decisions about financing options.

8. Be mindful of credit: Behaviors that lead to carrying monthly balances and spending more than you otherwise would with cash or a debit card can lead to more financial problems than if you avoided using credit altogether.

9. Educate yourself: Learn about personal finance and investing so you can make informed decisions about your money.

10.  Ask for help: Don't be afraid to ask for help from a financial advisor or the financial aid office at your school.

To set up an interview with a NASFAA spokesperson to discuss Financial Literacy Month, or why increasing financial aid awareness is critical, please email NASFAA Director of Communications Allie Arcese or call (202) 785-6954.

About NASFAA 

The National Association of Student Financial Aid Administrators (NASFAA) is a nonprofit membership organization that represents more than 29,000 financial aid professionals at approximately 3,000 colleges, universities, and career schools across the country. NASFAA member institutions serve nine out of every 10 undergraduates in the U.S. Based in Washington, D.C., NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators.