Financial Awareness Basics | FAB
FAB for College and Life
Make informed financial decisions and take control of your finances.
Here you will find basic information, tips and tools for managing your money. Our FAB flyers cover the five building blocks identified by the Federal Financial Literacy and Education Commission to help you manage and grow your money. To learn more about the five building blocks, visit https://www.mymoney.gov/mymoneyfive.
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Banking
Your bank account is the hub of your financial life. You pay your bills, draw cash out of automated teller machines (ATMs), make debit transactions at stores and even transfer money using cell phones.
Our FAB Flyer on banking provides an overview of banking. Use our worksheet to compare bank fees and features, so you can choose a bank that works best for you.
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Budgeting
What breaks your budget? If your expenses outweigh your income, you will go over budget.
Our FAB Flyer on budgeting provides simple strategies for creating and living within a budget. Use our budget worksheet to help you plan your budget.
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Consumer Credit and Protection
Credit education will help you make informed decisions before you borrow.
Our FAB Flyer on consumer credit and protection will help you understand the common types of consumer credit, teach you ways to protect your credit and explain how to read your credit card bill.
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Consumer Credit Reports and Scores
A consumer credit report is a record of your credit activities. Your consumer credit report lists your credit card accounts and loans you may have, the balances and how regularly you make your payments.
Our FAB Flyer on consumer credit reports and scores explains the four components of your consumer credit report and the factors that make up a credit score. Learn how to obtain a free copy of your consumer credit report and things to keep in mind in order to manage your finances.
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Exploring Career Options
Work on your career plan with a step-by-step approach. This ensures that you've thought about the possibilities and set your course of action.
Our FAB Flyer on exploring career options provides a step-by-step guide to help you find a career that matches your skills, interests and income requirements. Use our career path worksheet to identify careers based on your interests.
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Glossary of Financial Terms
Financial-speak can be confusing to those who don't speak it every day. It is difficult to stay in control of your financial life when you don't speak the language.
Our financial glossary defines commonly used financial terms.
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Insurance
Are you insured against unexpected life events? An often-overlooked part of a financial plan is being appropriately protected against potential losses.
Our FAB Flyer on insurance basics provides information to reduce your overall financial risk by helping you understand certain types of insurance. Use our risk management worksheet to help you identify which type of insurance fits your needs.
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Managing Your Records
Having well-organized records helps you retrieve your financial information when needed and protects your confidential information like passwords and credit card numbers.
Our FAB Flyer on managing your records will walk you through the process and benefits of creating a filing system that makes it easy to file documents away for future use. Use our worksheet to help organize your important documents.
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Preventing Identity Theft
Identity theft happens when your personal information is stolen and used without your consent to commit fraud or other crimes.
Our FAB Flyer on preventing identity theft provides information on how to deter thieves from accessing your personal information. Also, learn how to detect identity theft early, and defend yourself if you know or suspect you have been a victim of identity theft.
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Saving
Define your short-, medium- and long-term goals in order to have a better idea of how much money you will need to save to reach those goals.
Use our FAB Flyer on saving to help you identify your savings goals.
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Student Loan Repayment Estimator
The amount of your monthly student loan payments depends on the amount you borrow, the interest rate and the length of time it takes you to repay the loan.
Follow the link below to the U.S. Department of Education's repayment plan comparison calculator and find the payment plan that fits your financial situation.
Repayment Plan Comparison Calculator
The repayment plan comparison calculator can help you weigh the benefits and costs of each plan so you can find the right one for you. You may also contact your servicer(s)/lenders(s) to discuss your options. If you do not know when and where to send your payment, go to the Federal Student Aid (FSA) website, the central database for federal student loan information.
Make it a habit to review your repayment plan every year to make sure it's still a good fit for your financial situation.
You can also use our repayment chart to estimate your monthly student loan payment.
This flyer is available for download below.
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The 411 on Managing Your Finances
The trick to managing your financial life is knowing where to go to get help and information.
Our two-page guide provides you with web addresses and phone numbers to valuable financial resources about debt management, identity theft, credit reporting and more.
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The Basics of Student Loans
Understanding student loans before you borrow may improve the chance you'll successfully manage the payments after you graduate.
Our FAB Flyer on student loan basics provides a quick overview of student loans. Use our worksheet to help keep track of your student loan(s).
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Understanding Your Paycheck
What factors affect your take-home pay? Most paychecks have two parts—your check stub and your paycheck. Your paycheck is your net pay, the money that is available for you to spend. Your pay stub shows all of the deductions from your paycheck.
Our FAB Flyer on understanding your paycheck explains each piece of information on your paycheck. Learn why it's important to know the difference between gross pay and net pay.