WHYPERSONALFI

NANCEI
SIMPORTANTESPECI
ALLYTOSTUDENTS?

Moneyi sundoubt edlyoneoft hemostcr ucialelement sofl eadingasuccessf ullif

e.
Manyi ndivi
dualsspendt heirentireli
veswor king,try
ingt oearnmor emoney ,ort
ry i
ngt o
saveenoughmoneyt ocov eralloflif
e'sexpenses.Despi tethi
s, i
tcannotbedeni edt hat
practi
call
yev ery
one,butpar t
icularl
yst udents,needt omanaget hei
rownf inancesdue
tothecount lessexpensesoft hemoder nwor ld.Itisnosecr ett hatmanyst udent s
speciall
ythosewhoar est udyingi ntheuni versit
yhav ef i
nancialdiffi
cul
ti
es.Whi lethis
sit
uationcanbepar t
iall
yt houghtt obeduet ot her i
singcostofacol l
egeeducat ion,
therehav ealsobeenmanyar gument si nf avoroft heideat hatst udentssi
mpl ydonot
understandthesignif
icanceofmanagi ngt heirfinances.

Becauset heyarefrequentl
yimpul siveandar eofteny oungandrelativel
yunexper ienced
i
ni ndependent l ivi
ng,college st udentsf requently encounter f i
nancialhar dship
throughoutt heirstudi
es.Themaj ori
tyofcol l
egest udentsunderest i
matet hetruecost
ofl i
v i
ngwhenl iv
ingalone,whi chf r
equent lycausest hem toplacel essemphasi son
moneyspentonnecessi ti
esr at
hert hanext ras.Tosomel evel
,al ackofcont roli
st obe
expect ed,andout sideofl i
feexper iencei tself
.Al t
hough,accor di
ngt otheAmer i
can
Psy chologicalAssociat
ionrepor t“StressinAmer ica:ANat i
onalMent alHealthCr isi
s,
”
64% ofadul tsstatedthatmoneyi samaj orsour ceofst r
essint heirlif
e.Howev er,a
prov enwayt ocombatst r
essandwor ryisbyt akingact i
on.I
nthiscase, i
t’
sgainingt he
skill
sandknowl edget omanagey ourspendi ng,saving,andinvesting.Allofwhi chcan
helpy ouachi ev
ey ourfi
nancialgoals,what evertheymaybe.

Thatiswhywi t
houtpersonalf
inanceknowledge,peopl
ecanspendt heirenti
relives
l
aboringformoneywi
thouteversucceedi
ng.Personalmoneyiscruci
alforthisreason.
Youcansucceedbylearni
nghowt ohandleyourownf i
nanci
alhousehold.Andal sofor
usstudentst
ounder
standhowcr uci
almoneymanagementi swhenliv
ingalone.

Accordingt oSunj ayChupra,theCo- FounderandDi rector,thatpersonalfinancei s

i
mpor tanttoy oursuccess.Youcanov ercomef inanci
aldiff
icult
iesi
fy oulear
nhowt o
managey ourmoney .Thatiswhypersonalf i
nancei sessenti
al.You'l
lbeabletoi denti
fy
andcapi t
alizeonoppor tuni
ti
es.Andbei ngpr udentwithyourmoneymi ghtboosty our
confi
dence.Taki ngchargeofyourpersonalfinancesbeginswi thconsideri
ngyourgoal s
anddet er
mi ni
ngwhati smostimportantt oyou.

AswhatWendyMur physaidawr i
terf
orCleverGirlFinance,
Ahealt
hierl
i
feresult
sfrom
fi
nanci
alli
ter
acy.Oneofthemosti mportantt
hingsy oucandot ohaveahealthy
,happy,
and secur
el if
ei stol earn how to handl
ey ourmoney .Yourknowledge oft he
fundamentalsofbudget
ing,sav
ing,debt,andinv
esti
ngaf
fect
sev er
ypartofyourl
if
e.
That'
swhyi fweneedtohav ea f i
nancialst
abi
li
tywehavetigainknowl
edgeabout
personal
finance.

So,whathappenswheny oudon’tunder standhowy ourf i

nanceswork?Lackoff inancial
knowledgeaf f
ect syourli
fenegatively
.Financesar eoneoft hemajorcausesofst ress
foradults.Becomi ngfinanci
all
ylit
erateisnoteasy ,butwhenmast er
ed,itcaneaselife’
s
burdenst remendousl y.Personalmoneypl ay
sani mpor tantrol
e.Itiscr i
ti
calthatwe
planforandmanagemoneyatal lstagesofourl ives.Wi thoutgoodplanning,wewoul d
best uck,unsur eofhow t opayof fdebt sandcr edit,aswel lasadequat elypayour
payment s.Buildingasol i
dunder standingofourf inancesi sonesteptowar dhav i
nga
healt
hyf inancialfutur
e.Beforeent eri
ngaser i
ousf inancialcri
sis,i
t'
scr i
ti
caltoadjust
one'sspendi ngbehav i
orandpr epareone' sbudgetandi ncome.Tohav easecur efuture,
everyonemusti nvestti
mei nenhancingt heirf
inanciall
iteracy.

PersonalFi
nanceLessons:BudgetPlanni
ngforCol
legeStudents|SunTr
ustResour
ce
Center
.”
SunTrust
,2018,
www.suntr
ust
.com/resour
ce-
center
/personal
-
f
inances/
art
icl
e/per
sonal
-f
inance-
lessons-
budget
-pl
anni
ng-
for
-col
l
ege-
student
s.

man,Br
Sher ad.“
TheImpor t
anceofPer sonalFi
nanceKnowl edge.
”ShermanWealt
h
Management | Fi
nanci
al Pl anni
ng i n MD and DC Met r
o, 1 Nov. 2016,
www.sher
manweal
th.
com/the-i
mportance-of-
per
sonal
-f
inance-
knowledge/
.

Joy
,Devi
n.“
Per
sonalFi
nanceforCol
legeSt
udents|LessonPl
ansandWor
kbooks.
”
I
nChar
geDebtSol
uti
ons,I
nChargeDebtSol
uti
ons,2018,

Clar
k,Sophi
a.“WhyPersonalFi
nanceEducati
onIsImport
ant.
”TechBull
i
on,18Feb.
2018,www.techbul
l
ion.
com/why-per
sonal
-fi
nance-
educat
ion-
is-
import
ant/
.