What's the deal with Financial Literacy?

Did you know the average American spends almost every single dollar they earn per year? Some even go as far as spending MORE than they earn per year - ultimately leading to negative savings rates and debt accumulation!

It's a well known fact that everyone needs general savings for daily and unexpected expenses. But why then do we so easily ignore this fact? Simple. "I need it now!". We are all victim to this - how many times have you looked at a friend's new purchase and decided you "needed" one too? How many times have you made an impulse buy and said to yourself, "I'll figure out how to pay for this later, everyone else does."?

Wrong! Did you know the largest growing section of the American population that is filing for bankruptcy is the age group of 18-25 years old? This is proof that many Americans are biting off more than they can chew.

So, with all these scary trends and difficult money concepts, how will you ever know if you are making the right financial decisions? It is actually much easier than it seems. By focusing on three general areas of personal finances - budgeting, credit, and investing - you will be well on your way to making responsible money decisions. Developing strong spending habits now will be extremely beneficial to your financial stability and flexibility as a maturing adult.

Beta Alpha Psi, the Kent State University accounting fraternity, challenges YOU to explore this student created site and really use these financial practices to your benefit. Remember, take control of your money - don't let it control you!