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.