Have you ever felt lost writing a check? Is building credit an unfamiliar thing to you? Do multiple bills scare you? Okay, maybe that last one is true for everyone. However, many college students face the problem of not being able to master the art of finances. This is a crucial skill for those who plan to be successful in their careers. So, how do you combat this? No matter what major you’ve chosen for your career, our best advice at AcknowledgeHer is to fill up one of your elective spaces with a finance course. Skills that you learn in these course will help you manage income, balance spending, and future payments to loans. Here’s some knowledge you’ll gain in a finance course!
Money In > Money Out
Your income should always be more than what you’re spending. Yes, it’s okay to go out with your friends on Fridays or buy that outfit from Francesca’s that you fully deserve, but not all the time. Start saving! You’ll be so happy to have some money saved for an unexpected rainy day.
Build That Credit
Opening a credit card is essential to build credit for future purchases like apartments or cars. Now, this doesn’t mean swiped that card at the store all the time (which is so easy to do, it’s scientifically proven!) However, using the card properly and paying back your bills will build up good credit which looks so good for you.
Open a Checking & Savings Account
Having a checking and savings account will distinguish the line between “money in vs money out” as previously stated. Your checking account is mainly used for bills and purchases while your savings is tucked away money for safety or a big purchase. Most banks have their account holders to have a minimum balance, but on a personal level, make your own minimum goal. Aim it to be higher than average.
Learning about inflation, interest rates, and wages are all apart of the economy, which every working citizens is apart of. Having the basic knowledge and history of our economy is a good thing to have in the back of your brain. Who knows, maybe you’ll educated within the next conversation you have with someone who is planning to take a finance course!
For a range of finance education look into your college’s courses in:
You won’t regret it! Get those brain cells working.