Have you ever pulled out the classic “I’m a poor college student” line before? Whether this line is true for you or not, all college students can benefit from some extra financial knowledge. If you are looking to raise your credit score or just want to know how to save some money, there’s a course here at UK that can teach you these things and more. FAM 251, Personal and Family Finance, takes a look at everything from credit and savings to retirement and estate planning with all of the other fun financial decisions that come along with adulthood in between. You may be thinking, I know nothing about any of these topics. GREAT! With spring registration in full swing, you should seriously consider taking this super helpful course. Here’s what I gained from this course and the reasons why you should take it!
1. Save your money
As soon as you get paid, place your money in your bank account (you do have a bank account, right?) When you carry around cash you will tend to not realize how quickly you’re spending until it’s all gone. Placing your money in an account, whether it be a savings account or checking account, can be very beneficial. One advantage is that of gaining interest.
As soon as you get paid, place your money in your bank account (you do have a bank account, right?) When you carry around cash you will tend to not realize how quickly you’re spending until it’s all gone. Placing your money in an account, whether it be a savings account or checking account, can be very beneficial. One advantage is that of gaining interest.
2. Invest and earn interest
Placing your money in an interest account or tax-sheltered account is an easy way to save and earn more money! Depending on your interest rate, you can accrue some dough pretty quickly. These accounts are also a good way to stash away extra money that you would otherwise spend on unnecessary items.
Placing your money in an interest account or tax-sheltered account is an easy way to save and earn more money! Depending on your interest rate, you can accrue some dough pretty quickly. These accounts are also a good way to stash away extra money that you would otherwise spend on unnecessary items.
3. Actively manage your accounts
Make sure that you are checking your accounts at least twice a week! Whether it be through online banking or going to the bank to get a statement, this is vital to realizing what you do or don’t have. Record when you put money in and take money out of your accounts, as well!
4. Look at your spending
Calculate exactly where your money is going. You may not be realizing that $60 a week is going to Chipotle (I mean, I don’t see that as too big of a problem…) Writing all of your transactions down and then adding them up allows you to see how much money you are spending on unnecessary items. Even the little transactions start to add up!
Make sure that you are checking your accounts at least twice a week! Whether it be through online banking or going to the bank to get a statement, this is vital to realizing what you do or don’t have. Record when you put money in and take money out of your accounts, as well!
4. Look at your spending
Calculate exactly where your money is going. You may not be realizing that $60 a week is going to Chipotle (I mean, I don’t see that as too big of a problem…) Writing all of your transactions down and then adding them up allows you to see how much money you are spending on unnecessary items. Even the little transactions start to add up!
These tips may seem like common sense, but many college students, and people in general, fail to take them into consideration. FAM 251 is a great course that provided me with skills that I will use for the rest of my life. Seriously, consider taking it. One day you could be make it rain some serious paper because of this course!