Creating Your Financial Education Plan
We created the University of Illinois Financial Literacy Digital Badges Program with flexibility in mind, because we believe that everyone's financial education needs differ based on their individual situation. There may be similarities between college students, but life stages differ tremendously and your financial education plan should address what your needs are while giving enough direction and structure to help keep you motivated.
There is a lot of content in the Financial Literacy Badges courses, so matching your financial goals & needs to what your learning priorities are will help you stay motivated. Don't forget to set deadlines for each module you intend to complete.
Completing 3 modules in a course will result in earning a digital badge which can be displayed on your digital portfolio, like LinkedIn.
Learning Objectives
There are 5 Financial Literacy Digital Badges courses whose learning objectives align with the U.S. Department of Treasury's Financial Core Competencies: Borrow, Earn, Protect, Save, & Spend.
The Borrow course consists of the following modules:
- Understand Your Refund (available semiannually)
- Conscious Credit
- Navigating Financial Aid
- Student Loan Repayment
- Know What You Owe (available semiannually)
Which are designed to address these learning objectives:
- Know how much you owe in student loans.
- Avoid high-cost borrowing.
- Analyze, plan, and understand how to shop around for loans or other credit-based products.
- Understand how information in your credit score affects borrowing.
- Plan and meet your payment obligations.
- Track your borrowing habits.
- Understand pros & cons of using new technology for borrowing and managing debt.
The Earn course consists of the following modules:
- Choosing a Financial Pro
- Financial Wellness & First Professions
- Funding School with Scholarships
- What's Your Job Worth?
- Tackling Taxes
- Taxability of Waivers
- Venture Series Badge & Resources (Partnership with UIC Entrepreneurial Support Program)
Which are designed to address these learning objectives:
- Understand your paycheck.
- Know about potential benefits and taxes.
- Be able to invest in your future / Know the value of your degree.
- Understand the steps to start your own business.
- Define customers, product competition & profit in entrepreneurship.
- Recognize options for funding a small business.
- Understand regulatory processes for small business (e.g., taxes, registrations, etc.).
- Identify important considerations for negotiating employment compensation.
- Understand methods of preparing for a job interview (e.g., job searches, mock interviews, researching potential employers).
- Understand how new technologies can help diversify or enhance income.
The Protect course consists of the following modules:
- Cover Your Assets
- Credit Secrets Revealed
- Health Insurance Dissected
- Identity Theft & Fraud
- Run the Risk
- Planning for the Unforeseen
Which are designed to address these learning objectives:
- Be able to choose appropriate insurance for your needs.
- Identify how to build an emergency fund.
- Know how to shop around for insurance and other services to protect your assets.
- Protect your identity.
- Be able to avoid fraud and scams.
- Understand how to review your credit report.
- Understand the role of diversification in protecting against financial loss.
- Understand how organizations use your information when sharing it (e.g., understand risks of social engineering, data breaches, etc.).
- Understand basic information security (e.g., MFA, encryption, password management, red flag rules, authentication, WiFi, firewalls, VPN, Phishing).
The Save course consists of the following modules:
- Financial Tools
- Save on Food
- Save on Travel
- Money in Relationships
- Investing Basics
- University of Illinois Saves
Which are designed to address these learning objectives:
- Understand the importance of saving early.
- Know what it means to pay yourself first.
- Understand and establish a relationship with the financial system.
- Know how to comparison shop.
- Balance risk and return.
- Be able to plan and save for long-term goals (e.g., retirement, child's education, etc.).
- Track savings and monitor what you own.
- Understand how new technologies can save you money.
- How to reduce the cost of your education.
The Spend course consists of the following modules:
- Budget Hacks
- Cash at College
- Life Transitions
- Speed vs Savings
- Spooked by Spending Plans?
- S.M.A.R.T. Study Abroad
Which are designed to address these learning objectives:
- Be able to develop a spending plan.
- Track your spending habits.
- Understand what it means to live within your means.
- Know the social and environmental impacts of your spending decisions.
- Understand how to evaluate new technologies for managing money (e.g., mobile wallets).
Summary
Once you've identified what areas of personal finance you want (or need) to learn more about, you can select from the modules above to create your learning plan. Setting deadlines for yourself in a calendar can help. Each module is designed to be completed in less than 2 hours, though some modules may take longer if you choose to look into the additional resources embedded in the module.
Want to learn more about a financial topic not listed above or need some direction on where to start? Feel free to send us an email at studentmoney@uillinois.edu.
