LINCROFT — Department of Banking and Insurance Commissioner Richard J. Badolato and Assistant Commissioner for Life and Health Brendan Peppard last Friday gave a financial literacy presentation to college students at Brookdale Community College in Lincroft. They explained the benefits of budgeting, saving and smart credit card use to approximately fifty students.

“The financial decisions you make over the next few years will impact you for the rest of your lives,” said Commissioner Badolato. “It does not matter how much money you make a year, if you do not know how to properly manage that money, you will face big consequences.”

Commissioner Badolato provided advice to students that included spending less each month than earned, developing a savings habit and remembering that using a credit card is a form of borrowing. His advice also covered student loans, auto and renters insurance as well as free apps from the National Association of Insurance Commissioners that can assist them should they need to file an auto or renters insurance claim.

One app assists users in conducting inventories for their renters insurance. Called myHOMEScr.APP.book, this free app helps catalogue and record property to make filing a claim easier in the event of a loss. The other, Wreck Check, helps auto accident victims document a collision or comprehensive claim at the accident scene.

The presentation was part of the Department’s ongoing financial literacy program, which was expanded in 2006 with programs for high school students and expanded in 2012 to include presentations for senior citizens and college students.