PERTH AMBOY – New Jersey Department of Banking and Insurance (DOBI) Acting Commissioner Ken Kobylowski today told a group of Perth Amboy High School students that learning about such things as saving money, understanding how credit cards work, and obtaining and maintaining credit is every bit as important as the lessons they are learning in their classrooms.

“Learning about Financial Literacy is just as important as learning about English, Mathematics or Science,” Kobylowski said. “Being smart about your money can be just as important as being book smart. Knowledge is power, and financial knowledge is financial power. Financial knowledge is vital to financial success.”

Acting Commissioner Kobylowski, who was introduced by Perth Amboy Mayor Wilda Diaz, addressed the students as part of the Department’s ongoing Financial Literacy Program. The program, which is done in conjunction with the banking community and the Department of Education, aims to educate high school students about such financial basics as creating a household budget or balancing a checkbook; how credit cards and bank accounts work; and how to avoid identity theft.

The Acting Commissioner also offered students a number of tips in making smart financial decisions.

• Regarding the use of credit cards: “Never use a credit card to purchase an item that you want but you can’t afford to pay for that day.  You should use credit cards as a convenience.”

• Regarding saving money: “Pay yourself first. You should make an automatic payment to your savings account and forget about it. You will see your savings grow as a result.”

• Regarding personal budgeting: “Track your expenses closely. Many people do not have a clear understanding of how they spend their money.”