How Not to Move Back in With Your Parents
Financial Literacy 101 Podcast Episodes
The 10 Minute Financial Checkup
Listen to the Podcast
Pete and Alex help you assess your financial situation after coming back from break so that you can make it through the rest of the year.
Read the Show Notes
As we’ve discussed in the past, knowing your short and long-term goals are crucial in determining whether or not you are handling your finances appropriately. If you’ve gone the past school year and are no closer, financially, to being able to accomplish your goals, then how can you say you’ve made progress?
Of course, you are a college student…and that may mean that you can’t make a whole lot of financial progress while in school because you don’t have the ability to save money. That’s completely understandable. But if you can’t save money in college, you still can start assessing your financial habits so that you can begin to be really smart with all that money you’ll be making one day. To help you start developing those habits, we’re providing you with a quick 10-minute financial checkup to use. Pete and Alex provide part of the checkup on this week’s episode, but here are a few more things that you should do:
1) Evaluate your budget (or develop one if you don’t have one)
One of the best things you can do is to take a look at your spending habits from the last few months and see if there are areas where you’re coming over or under budget. Too many “overs” means you need to find a way to scale back on your spending or you may need to get a job. Too many “unders” means you have the opportunity to save money. Any extra money you have should go towards savings, not funding a larger lifestyle than you currently have.
2) Plan ahead
We’re actually going to steal this one from Alex. Knowing your schedule for the upcoming months and marking down when you’re actually going to spend money can really help you assess whether or not your current situation is feasible. For the most part, a college’s calendar is pretty set and you can plan pretty far in advance as to how much money you’ll need. How much are you going to need for Little 5 Week? Athletic events in the fall? Concerts? Plotting your upcoming spending can easily put you in a better financial situation moving forward.
3) Ask questions
You know who can teach you about good money habits? Everybody! There’s no question that you probably have some friends, parents, teachers, etc., who have developed some unique money strategies that could benefit you. You should take a few minutes to find somebody to ask what they’ve done with their money that’s really worked well for them. Who knows, it could end up being the tip that leads you to your amazing financial future. You just need to make sure to break the ice and ask the question. Trust us, people are always willing to talk about the awesome things they’ve done with their money…and they should be proud, successful money habits are great things to have.
We could go on and on with more checkup ideas for you to make sure that your money habits are healthy, but these tips (along with Pete and Alex's) are a great place for you to start. Of course, if you need have questions that go beyond what we covered here, contact our the IU MoneySmarts team at firstname.lastname@example.org to ask a question or schedule a one-on-one appointment.