Jenna Needs a Car
Episode 1: Jenna Needs a New Car
Pete and Alex talk with Jenna, a student at IUPUI who recently wrecked her car and wants to know the best way to pay for a "new-to-her" car so she can continue her studies.
Welcome to MoneySmarts U, where college students get the chance to have their financial questions answered. We hope that as you listen to each episode, there will be some relevant information that you can apply towards your own situation.
Our first episode deals with a very specific problem: needing a way to get a car in order to get to school. While this situation may not apply to you directly, it’s important for you to understand that this problem deals with doing what it takes to graduate from college in as little time as possible, even if involves making a less-than-ideal financial decision.
Often times with our finances, we make decisions that make the most sense for the short-term, but neglect to think how it might impact our finances in the long-term. In Jenna’s case, she understood that having a car was necessary to her getting her degree, even though it meant she was probably going to have to take out a loan. While the loan isn’t great for her short-term life, having the car will benefit her long-term because it is necessary to help her get her degree.
As you move forward with your college career, it’s important for you to focus on your long-term goals and what decisions you can make right now to help you accomplish them. It may mean having to make some sacrifices while you’re in college, but think to yourself, “Would you rather a more financially stable life while in college or once you graduate from college?”