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There are a lot of benefits to good financial management. Primarily, it generally allows you to do more of what you want with your life. When you have poor financial habits, too much of your money goes into other people’s pockets. But when you have good financial management habits, you can afford to do more because you have worked hard, separated needs from wants, saved and invested, and avoided credit card and debt pitfalls.

However, financial literacy is a topic that many college students struggle with, but good financial planning habits will benefit you long after your college days are behind you. To make the most of what you have learned about financial literacy, specifically student debt and strategies for managing your finances in college, consider what else you would like to work on. Choose one of the following to explore further this term:

  • Create a budget with your expenses and income. Look for ways to eliminate unnecessary spending and increase your ability to pay for your college expenses.
  • Research college grants, scholarships, and loans and create a list of potential opportunities that you can take now and in the future to help you cover your costs while in college. Rank your options.
  • Develop an emergency fund and guidelines for when to use it.
  • Research the best credit card options for you at this time.
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