By: Carlos Teran
Our mission It Make$ Cents is to equip students with the tools and strategies to develop financial fitness. Unfortunately, I find that the usefulness and importance of our mission can often be lost on college students for one very understandable reason. It is tough to reap the rewards of developing
solid financial habits such as expense tracking, budgeting and investing, while having little to no income. While everyone’s financial It would be akin to trying to teach someone to play basketball without a basketball.
Data on the income of full-time college students can be difficult to calculate, manage, and gather. According to the data available from Urban Institute, 41 percent of full-time students worked part time and 16 percent worked 35 hours per week, or more in 2016. Additionally, in 2016 the median income for full-time dependent students with income was $3,900. The median independent student earned $13,380 over the year. After rent, utilities, groceries and gas, this does not leave a lot of discretionary money to manage and what you can do is certainly limited.
However, one thing we can learn to do, regardless of our financial situation is set goals to progress and better ourselves. This is what we call the mindset. Goals are paramount to financial fitness. If you don’t set goals, you don’t have a target to hit. If you don’t have a target to hit, you will hit nothing every time.
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