The best way to take charge of your money is to have a plan for it. Instead of thinking about money as just something to spend, think about making your money work for you.
This is called “financial planning,” and it starts with three steps:
1. Define your financial goals.
2. Make plans to reach your goals.
3. Take action until your goals become a reality.
What financial goals do you have for your money? To save $25 a month to buy books next semester? To save $100 a month for the next four years to buy a new car when you graduate? Write down some of your financial goals below.
Have you talked to your parents about what they expect
from you when it comes to money? Do you know what
you can count on from them? If you haven’t had a money
conversation with your folks yet, take the initiative to bring
up the subject.
If you get into debt with a credit card, for example, will mom
or dad bail you out? Do your parents expect you to work
while you’re in school, or do they prefer that you concentrate
on your studies? Can you call them if you run out of money,
or is it up to you to figure things out?
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