Financial literacy affects individuals’ financial conduct, especially their capacity to save, consume well, and engage in thrift behaviors. In this study, the connection among financial literacy and various thrift behaviors—Careful Thrift, Spending Thrift, Saving Thrift, and Lifestyle Thrift—amongst college students is examined. Utilizing a survey quantitative methodology, statistical analysis is conducted to assess how financial literacy can predict such thrift behaviors. It also explores if demographic variables of gender and financial support sources are moderators of such relationships. Results show that financial literacy positively influences cautious thrift, lessens irresponsible spending, and increases saving and lifestyle thrift. The paper finally ends with suggested recommendations for financial literacy programs used to enhance financial decision-making skill among students.