It’s handy having a international expert on financial literacy around when counseling first-year college students about managing their resources. Iowa State professor Tahira Hira is recognized for her work on consumer spending including debt and bankruptcy. As our graduates leave campus with some of the highest student loan debt in the nation, I feel an obligation to discuss personal finance during our first-year seminar.
- Live within your means.
- Spend less that you make.
- Be mindful of borrowing, including consumer credit or students loans.
- Give yourself an allowance that fits your budget.
- Balance your checkbook regularly.
- Leave your credit cards at home to avoid impulse buying.
- When going out for an evening, take only as much cash as you can afford with you.
- Eliminate casual shopping.
- Reduce stress with exercise, hobbies, or community service; versus shopping.