University of Houston-Victoria

Department with Video

Financial Literacy

What is financial literacy?

Financial literacy is a set of skills and knowledge that allows a person to make informed and effective decisions with all of their money. It is being competent with money, whether you are earning, saving, or spending

Why does financial literacy pertain to you?

It means that you understand how to manage the money you are earning, saving, borrowing, or spending. If you take the time to study up on the basics of financial literacy, you are less likely to make mistakes with your money which can impact your financial future.

Do you know how to use a credit card?

Understanding the basics of how to use a credit card can be difficult. Here are simple rules to remember:

  1. Pay your bill on time
  2. Limit the number of credit cards you have
  3. Pay off your balance each month
  4. Select credit cards with low interest rates
  5. Be aware of all fees
  6. Credit cards can help establish your credit score
  7. Limit cash withdrawals

Do you know how to set up a budget and use it?

When developing a budget, you will find where your money goes and find places where you can cut back on your spending and see how much you can put towards savings. Setting up a budget takes a little bit of discipline, planning, and prioritization. Here are 6 simple steps on how to create and use a budget. Budgeting will help you plan for major purchases and keep good financial records.

  1. Know your income
  2. Fixed expenses (don’t fluctuate)
  3. Variable expenses (change based on usage)
  4. Prioritize
  5. Review monthly expenses
  6. Keep track of spending

Do you know what it means to borrow money and repay your loans?

When borrowing money for college, you should be award of all the different types of funding you can receive and use. When you take out a loan, you have now made an agreement to pay the loan back. There are many repayment plans, but it important to find the one that best fits your financial situation. Handy tools from can help you figure out your best options. Here are some of the repayment plans you can choose from

Are you unsure about the loan repayment process or wondering when you need to begin making loan payments? Check out this video to learn about what to expect when your federal student loan enters repayment.

The Debt Payoff Calculator is an online tool which can help you strategize repayment by helping you understand your total debt and compare your current approach to an accelerated payoff plan.

How much in loans should you borrow?

The following calculator can help you decide how much aid to borrow based on your expected salary.

Considering a Career

Having a career in mind can help you stay motivated throughout college. UHV's Office of Career Services works to connect students and alumni with employers. We encourage all students and alumni to register with Jobs for Jags, our online job board, to help you get started on your job search. Career Services provides a full range of services to help you.

Additional Resources:

User friendly resources with real-life applications to help you better understand finances can be found at Cash Course.

It's a good idea to be aware of your credit status. The following websites are trustworthy and can provide you with free credit reports:

Understanding the financial terms you may come across will prevent confusion about your financial aid. Check out this glossary of terms, provided by Federal Student Aid.

The information on this page was in part compiled from an info graphic hosted from