College Students & Money: No new car, caviar, four star daydream

It's handy having a international expert on financial literacy around when counseling first-year college students about managing their resources. Iowa State professor Tahira Hira is recognized for her work on consumer spending including debt and bankruptcy. As our graduates leave campus with some of the highest student loan debt in the nation, I feel an obligation to discuss personal finance during our first-year seminar.

Dr. Hira's three main principles for college student financial well being:

• Live within your means.
• Spend less that you make.
• Be mindful of borrowing, including consumer credit or students loans.

Spending plans are key to managing finances and Hira shares these tips for students:

• Give yourself an allowance that fits your budget.
• Balance your checkbook regularly.
• Leave your credit cards at home to avoid impulse buying.
• When going out for an evening, take only as much cash as you can afford with you.
• Eliminate casual shopping.
• Reduce stress with exercise, hobbies, or community service; versus shopping.

Our financial aid office partners with a great online tool called CashCourse that offers financial planning tools and economic tips. I utilize CashCourse for a personal finance assignment in our seminar course.

Read more about Dr. Hira's financial wellness advice for college students.