Financial Literacy by Melissa Glassman (3L at Cardozo Law School)

Last month the Ms. JD chapter of the Benjamin N. Cardozo School of Law known as Women’s Law Initiative held an event entitled “Financial Literacy."  The Women of the organization invited Suzanne Katz, Vice President, Wealth Management Advisor at Merrill Lynch to speak to students about the importance of being financially literate.  Suzanne spoke about the many ways to be financially literate, including how to budget. 

She suggested that we use our debit cards for as much as possible because they allow for all of our expenses to be tracked electronically.  It also allows us to look online at the end of each week and assess where we can save more.  

In addition, she mentioned the option of having multiple bank accounts, one for all expenses such as the cable bill and gas bill as well as one that would be used just for fun such as a movie night or manicure.  She suggested that all bills be paid electornically to ensure that they are paid ontime in order to avoid late fees. 

The event was a success and the Women’s Law Initiative will be sure to invite Mrs. Katz back next year!    



It’s great to see more financial education taking place in law schools!  While I agree that debit cards are one way to track expenses easily, your readers should be aware of the downside of debit in case of theft.  Because a debit card is linked to your checking account, there could be devastating consequences.  There was a great piece a few months ago in Forbes by a contributor, Kerry Hannon, titled “What I Learned When My Husband’s Debit Card Was Stolen” that you may want to read before deciding to go with debit.

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