Managing Finances
“Those who structure their standard of living to allow a little surplus control their circumstances. Those who spend a little more than they earn are controlled by their circumstances.”
Consider these ten tips for managing your finances in college:
Tip #1 - Get organized! Go ahead; be uptight about your checkbook. receipts, and all your financial records. Online banking can be a handy tool for paying your bills.
Tip #2 - Plan ahead for major expenses. Believe it or not, unexpected expenses do come up, and usually when you least expect them!
Tip #3 - Understand the power of credit cards. If used responsibly, they can build your credit and make your post-graduate world better.
Tip #4 - If you decide to get a credit card, make sure to pay it off in full every month. If you are unable to do this, it might be a sign that you're living beyond your means.
Tip #5 - Set a realistic budget. Write it down and refer to it before you make any large purchases. Following these tips will help you avoid a budget deficit.
Tip #6 - Consider getting a part-time job. Studies have shown that working students develop time management skills that help them do better in school compared to non-working peers. There are many jobs that you can find on campus and at the PCC.
Tip #7 - Buy your textbooks used when possible. The old ones are just as good as the new ones and often cost half as much. Facebook Marketplace is a great place to check!
Tip #8 - Learn how to cook. Eating out can be a major drain on your wallet but with a little preparation and planning, you can avoid this unnecessary expense.
Tip #9 - Ride a bike. The BYUH campus is bike-friendly, and it can save you a lot of money on gas prices.
Tip #10 - Only borrow money if you really need to. If you find yourself constantly stressed about your finances, you could consider applying for a larger loan. However, remember that just because you can get more money doesn't mean you should. Eventually, you'll have to pay it all back. For more questions, talk to Financial Aid in the Lorenzo Snow building.
"We encourage you wherever you may live to prepare for adversity by looking to the condition of your finances. We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt... If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts.”