Unit 10 explores how to manage your finances effectively. What are your financial goals, and how do you plan to achieve them? Guidance comes first on how to assess your finances in college. Your financial interests during college years can be enhanced through employment and by learning to save, and to establish and maintain a budget. Credit cards are also considered. The goal of financial management is to be able to carefully weigh the pros and cons of financial alternatives you may face as a college student. Choose the options that are best for you personally.
Completing this unit should take you approximately 3 hours.
College life comes with a lot of expenses, like the cost of courses, supplies, and books, as well as costs like rent, food, clothing, transportation, and medical care. Do you experience issues with managing your finances?
Learn how to balance costs and to spend your money well. Learn, too, about financial aid options like scholarships and student loans.
Money concerns in college are common and can cause stress and distractions. A solution is to analyze your financial goals and responsibilities and plan ahead for ways to pay for expenses.
"The cost of college should never discourage anyone from going after a valuable degree."
—Arne Duncan, former United States Secretary of Education
Students can take on a range of jobs while in school, depending on the availability of jobs and the student’s experience, talents, and financial needs. If you will work while in college, what kind of job interests you?
Examine the types of jobs college students might have, and consider some pros and cons of working while you’re in college. Many employment resources are available to you both on and off campus.
Students typically work hard to cover the cost of attending college, but often find that not much is left over for other important things. However, you may be surprised to learn that you can change your spending habits, gain better control over your finances, and wind up with money in the bank.
Learn about common hazards you can avoid, and get tips on saving.
Without a personal budget, most people have a hard time gauging how much money they spend and where their money goes. But you can learn how to better manage your money. Pay heed to budget strategies that can make a difference. Be mindful about the pros and cons of budgeting. And be sure to create a personal budget.
“A budget is telling your money where to go instead of wondering where it went.” —Dave Ramsey, financial author
Owning a credit card may seem out of reach for some college students, especially if you don’t have a job. But a credit card can be an important step in building a credit history. Learn why, and gain insights to some of the rewards and some of the risks.
Learn to use credit responsibly.
Unit 10 discusses different types of income that students may have, like scholarships, work, loans, and different costs, too, like tuition, class supplies, costs of living. Take a moment to reflect on your own financial situation. Can you think of ways to improve your spending habits? You can learn a lot from what fellow students say about the financial decisions they make.
The goal of financial management is to be able to carefully weigh the pros and cons of the alternatives you will face as a college student so that you can to choose the options that are best for you personally.