Advances in technology access allow undergraduates to personalize their learning to their individual interests via the creation and use of informal personal learning environments (PLEs). A comprehensive understanding of how every day digital technologies are adapted and used to create such PLEs and their impact on acquisition and development of students' digital literacy (DL) and self-regulated learning (SRL) skills, is still lacking. This paper presents the initial exploratory quantitative phase, of a longitudinal mixed methods study planned to identify and describe the relationship between DL and SRL skills of students, when using PLEs. Structural equation modelling was used to analyze data collected from 202 participants in online surveys. The results confirm that DL components effect some SRL sub processes and some evidence was obtained for reciprocal relationships. Implications for Information Systems theory and practice are discussed together with future research opportunities.