These past few months my former intern Alex and I have been doing a podcast for Indiana University students. We talk about all the ways in which college students deal with money. Our over arching goal is to teach students how not to move back in with their parents. Because that is the goal of college right? To get out on your own and to have a job that supports you. But the problem is, college students do not have good money habits. Graduation day will be a great day, but it will not magically help you develop the skills to be financially well. Those have to be taught and cultivated like any other skill. So to avoid carrying over bad habits from student life, you have to actually start good habits now. Listen to the segment below, courtesy of IU Money Smarts, to hear me and Alex talk about budgeting and creating financial goals while in college.
College students are very guilty of ‘balance spending‘ which is the incessant checking of your bank balance and then spending based on what is in your account. I want you to avoid this as much as possible. Even though most college students don’t have a fixed income, there are ways to plan ahead. By determining your monthly expenses you can at least plan for the bare minimum. I don’t want ‘breaking even’ to be your only financial goal. The ultimate goal is for you to be out on your own supporting yourself, which is going to take a little work.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.