Centura Blog

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The Path to Financial Literacy

Posted by on May 28, 2020 in Adult Education, Centura Chesapeake, Centura College, Centura Columbia, Centura Newport News, Centura Norfolk, Centura Richmond, Centura Virginia Beach, Financial Aid, Lifestyle

Written by Mike Vaughn

You may have found yourself asking, “what exactly does financial literacy mean?” Understanding the topic of money sounds simple enough, but its complexity depends on our goals. For everyday life, we only need enough to pay our bills and not be overdrawn by payday, but we may be able to do better than that by paying more attention to the ongoing struggle between our wallets and our bank accounts.

The odds of hitting the jackpot are 1 in 302,575,350, according to Mega Millions. Upon discovering this, most of us must find a different path to financial independence. The saying “spend less, save more” is a good start, but there’s so much more that we can do. We’re not going to go into the stock market here, but we’ll cover some easy things you can start doing today, tomorrow or next week.

Why is Financial Literacy Important

A basic understanding of your finances can help you set financial goals, manage your credit and even determine which bank you should be using. Obviously, the sooner you figure out your finances, the better. We can ruin our credit in a matter of months, but it takes years to rebuild. 

Credit Scores and Credit Utilization Ratios

You never know how important your credit score is until you’re making a major purchase.  Your credit score determines whether or not you qualify for that loan or financing; it also determines the interest rate you’ll be paying. 

It’s a good idea to keep your credit use below 30% of your total available credit.  That is your credit utilization ratio, and it is calculated by dividing the total amount on all your credit cards by your total available credit. For instance, if you’ve got a $1000 credit card, you’d want to keep your balance below $300. If your credit utilization ratio is above 30%, this can hurt your credit score, as this is the second biggest factor affecting your score next to payment history.

Setting a Budget

It’s also important to keep an eye on your accounts and track your spending because it’s easy to find your account overdrawn if you’re not careful. The best thing to do is create a budget. It doesn’t have to be too complex, but some way for you to see how much money you’ve got coming in and how much money you’ve got going out, and when. With this information, you’ll be able to plan how to use your money more efficiently. Once you see where your money is going, it’ll be easier to fine-tune your spending and set financial goals. 

There are a lot of resources online for information and tools you can use. With these financial management tools, you will easily be able to manage your money, manage your debt, and manage your credit.

A good method to follow is the 50/30/20 budget rule. That is 50% for essentials, 30% for personal spending, and 20% for savings and other financial goals.

Financial Literacy for Saving

Be sure to make savings a part of your monthly budget, no matter how small the amount. It’s important to keep your savings out of your checking account. Also, don’t confuse your wants with your needs.

An emergency fund is another good idea, but only dip into it in case of emergency, such as job-loss, medical emergencies, emergency home repairs, vehicle repairs and things of that nature.

It really is never too early to start saving for retirement, so try to get into a 401(k) program as soon as you can. Ask your employer or your bank about getting started, and they will walk you through your options. It’s also recommended that when you get a raise, increase your retirement savings, too.

Other Things to Know

Be aware of interest rates for credit cards, loans, and even savings accounts, as some are better than others. 

A good method for tackling debt is to pay off smaller bills first and getting them out of the way. Follow that up by attacking your higher interest credit cards or loans. 

It might also be a good idea to adopt a cash-only diet. This curbs spending and makes your money a lot easier to track. 

On a final note, it can’t be stressed enough that the more you learn about financial literacy, the closer you will be to reaching your goals.

For more information on Centura College, visit www.centuracollege.edu

About Centura College

Centura College has been part of an organization dedicated to helping men and women develop careers since 1969. By training working adults in healthcare, technology, business, and trades, they connect communities with some of the fastest growing career fields in today’s marketplace. The school offers professional facilities, knowledgeable instructors, day or evening classes, job placement assistance and is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC). To learn more, visit www.CenturaCollege.edu or like them on Facebook at https://www.facebook.com/centura.edu.

Students Safety Priority: Centura Offers Distance Learning

Posted by on May 5, 2020 in Adult Education, Press Release, Spotlight Feature

Centura College adapts to needs of their students and offers distance learning via temporary online classes for their educational training.

Centura College Student Practicing Distance Learning.

Written by Jul DeGeus

In these unique times of uncertainty, all Centura College locations have adjusted their educational training to provide students with online distance learning. This temporary shift in curriculum enables students to safely practice social distancing without discontinuing their educational journey.

Administrators and campus leadership have worked tirelessly to create strategies that enable learners to continue their schooling while being provided support during these unpredictable times. Centura College Campus Executive Directors have equipped instructors and their students with digital distance learning tools, “The change was difficult at first, but has turned into a creative dream.  Our instructors are learning how to have students do hands on labs while at home and watching them being done via video.  Our students have been able to continue their education, keeping pace for graduating on time, and have been appreciative of the hard work that the staff and faculty have been doing to make this work.” said Greg Daniels, Executive Campus Director of the Centura College, Newport News location.

While practicing this impermanent tactic of distance learning, Centura College Students will still have the opportunity to speak directly with fellow classmates and instructors in real-time using group conferencing and traditional electronic communication. Each Centura College campus has employed a variety of strategies based on the needs of their students. Students should check with their home campus to ensure they have all the tools they need to continue their education through this unique experience.

  • Chesapeake – 757.549.2121, 932 Ventures Way Chesapeake, VA 23320
  • Newport News – 757.874.2121, 616 Denbigh Blvd, Newport News, VA 23608
  • Norfolk – 757.853.2121, 7020 N Military Hwy Norfolk, VA 23518
  • Richmond – 804.330.0111, 7914 Midlothian Turnpike, Richmond, VA 23235
  • Virginia Beach – 757.340.2121, 2697 Dean Dr, Virginia Beach, VA 23452

For more information on Centura College, visit www.centuracollege.edu

About Centura College

Centura College has been part of an organization dedicated to helping men and women develop careers since 1969. By training working adults in healthcare, technology, business, and trades, they connect communities with some of the fastest growing career fields in today’s marketplace. The school offers professional facilities, knowledgeable instructors, day or evening classes, job placement assistance and is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC). To learn more, visit www.CenturaCollege.edu or like them on Facebook at https://www.facebook.com/centura.edu.

Application Fee Waived at Centura’s Digital Decision Day

Posted by on Apr 16, 2020 in Centura College

In an effort to provide college seekers with support during the application process, Centura College hosts Digital Decision Day at their campuses.

Students at Centura College's Digital Decision Day

Written by Jul DeGeus

Applying to college can be stressful for prospective students. Whether it is applying to college for the first time or deciding to go back to school, Centura College invites all college applicants to virtually attend Digital Decision Day on Saturday, April 18. Decision Day guides prospective students in deciding on the right program choice for them, along with the waiving of Centura’s standard application fee on event date only. Program guidance will be provided by admissions, financial aid, and career services teams who will be online for the virtual event.

Centura College offers training for careers in allied health and skilled trades. For a full list of programs and the campus they are offered at, visit Centura’s website. Centura has 5 campus locations in the following metro areas:

  • Chesapeake – 757.549.2121, 932 Ventures Way Chesapeake, VA 23320
  • Newport News – 757.874.2121, 616 Denbigh Blvd, Newport News, VA 23608
  • Norfolk – 757.853.2121, 7020 N Military Hwy Norfolk, VA 23518
  • Richmond – 804.330.0111, 7914 Midlothian Turnpike, Richmond, VA 23235
  • Virginia Beach – 757.340.2121, 2697 Dean Dr, Virginia Beach, VA 23452

During the Digital Decision Day, the standard application fee will be waived for one-day-only and Financial Aid Officers will provide fiscal resources and information. Admissions Representatives will host virtual Career Planning Sessions to provide attendees with insight into industry demand, based off of the prospective student’s program selection.

For more information regarding Centura College Digital Decision Day, visit https://www.centuracollege.edu/DecisionDay/index.html.

About Centura College

Centura College has been part of an organization dedicated to helping men and women develop careers since 1969. By training working adults in healthcare, technology, business, and trades, they connect communities with some of the fastest growing career fields in today’s marketplace. The school offers professional facilities, knowledgeable instructors, day or evening classes, job placement assistance and is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC). To learn more, visit www.CenturaCollege.edu or like them on Facebook at https://www.facebook.com/centura.edu.

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