Recently, I have taken the Personal Financial Management class here at Union, and as I am about to graduate in the spring, I have begun to think more and more about more and more of my own finances. Here are 5 tips in personal finance:
1. Pay in cash.
If you can, try to pay for things up front and in cash. Whether it is a new phone or a new car, try to use cash. As college students, we probably already have thousands of dollars of debt anyways. We really don’t need more.
2. Pay off your student debt ASAP.
Becoming a college student is one of the best decisions you can make in your life. It can also be one of the most expensive. Once you graduate, it is important that you live meagerly and attempt to pay off your debt in a timely manner. The longer you wait, the more debt will accrue.
3. Save, save, save.
Once you start paying off your debts, you can start allocating your money to other things. One important tip I have learned is that you can just start saving the money that you were already using to pay off your debts. You already know how to live without that money, so maybe you can keep living that way.
4. Start investing early.
One of the classic and most important financial tips is investing early. Putting money into a 401K or mutual funds is critical. Money you invest now will grow exponentially, and being financially aware now can legitimately help you to become a millionaire by the time you retire.
5. Give to charity and to the Church.
This is something you should already be doing. God has told us that we should give a portion of our earnings to God. This is the most important tip I can give you. Give, not only because God will reward you, but because we are called to.
There are many other tips out there! Learning how to create a budget, creating an emergency fund, treating yourself every now and then, having small side jobs, and writing down your goals are just a few others. More than anything, the most important thing is to be responsible with the resources given to you!
*written by Donny Turner