Absegami Students to Get Education on Financial Basics

Absegami High School students will get an education on financial basics from the commissioner of the Department of Banking and Insurance on Tuesday.

Concluding a month-long series of activities marking National Financial Literacy Month, Department of Banking and Insurance Commissioner Ken Kobylowski will conduct a presentation at the high school. 9 a.m. Tuesday morning.

During the presentation, he will teach students financial basics such as setting up a budget, opening a checking account, the importance of saving and managing credit.

He will also stress the importance of managing information on social Internet sites.

“The financial decisions you make now can influence the rest of your life,” Kobylowski said. “How you approach your finances now plays a direct role in your future success.”

Tips include:

Pay Yourself First: As you start to work and receive paychecks, make sure the first bill you pay is to your own savings account. Save a portion of your salary every step of the way.

Credit Cards: You need no more than one or two credit cards. Pay off the balance every month.

Shop around for a checking and savings account: Make sure you understand interest paid and the schedule of fees connected with each account you open.

Set up a Budget: Make a list of all your expenses. Cut spending if they exceed your earnings.

Social Media: Be very careful what financial information you post on social Web sites. Posting credit card numbers, photos of credit cards or answers to security questions on social media all can potentially put your personal data at risk for fraud.

April is National Financial Literacy Month, a national public awareness effort to help consumers establish and maintain healthy financial habits, take charge of their personal financial well-being and make smart financial decisions.

Tuesday’s presentation is part of the Department’s ongoing financial literacy program, which was launched in 2006 with programs for high school students and expanded in 2012 to include programs for college students and senior citizens.

“Financial literacy is as important a class as math or science because the financial skills you develop now will last you a lifetime,” Kobylowski said. “Develop solid financial habits now and you will pave the way for a successful college and professional career as well as improve your quality of life.”