Chapter 10 - Taking Care of Your Finances.pdf - CHAPTER 10:...

This preview shows page 1 - 2 out of 12 pages.

Chapter 10 Taking Control of Your Finances 1 CHAPTER 10: TAKING CONTROL OF YOUR FINANCESWhat is a chapter on personal finance doing in a book on student success? Well, many college students face financial barriers to finishing their education. Younger college students have many new expenses including tuition and fees, housing and food, and books and supplies that they have not had to pay for before. Even nontraditional students who have worked or started a family before attending college may confront financial issues. Money problems are stressful and can keep you from concentrating on your studies. Spending too much may lead you to work more hours than you might otherwise, giving you less time to study. Or you might take fewer classes which will cause you to spend more years in college than you intended. Worse yet, money problems cause some students to drop out of college entirely. This chapter will introduce you to financial skills you can learn that will help you in college and provide lifelong value. 10.1 Financial Goals and Realities You may know that Panola College is one of the least expensive community colleges in the state. The administration and faculty have partnered to find ways they can save you money while you are here. For example, this textbook is called an Open Educational Resource (OER) and it is free to youmany courses on campus are going to OER materials which will save students thousands on textbook costs. College tuition, however, has risen for decades at virtually all schools. Still, there are things you can do to help control costs and manage your finances while in college. What Are Your Financial Goals? Whatever it is you plan to do in your future, whether work or other activities, your financial goals in the present should be realistic and enable you to fulfill your plan. Consider these scenarios: Keri entered college planning to major in business. Her family was not able to give her much financial support, but she chose to attend an expensive private college because she thought it would help her get into a good graduate business school. She had to take large loans to pay her tuition, but she wasn’t concerned about a budget because she assumed she’d make a lot later on and be able to easily pay off the loans. Yet when she graduated and had to begin making payments on her private bank loans, she discovered she couldn’t afford to go straight to business school after all. She put her dream on hold for a few years and took a job she didn’t much like.Jorge worked a few years after high school and was able to save up enough money to put a down payment on a new car and move into his own apartment. Although his job provided a decent living, he decided he needed a college degree to get the kind of job he really wanted. Jorge enrolled in two night classes while continuing to work full time during the day. He was surprised by the cost of tuition and textbooks and after a few months he felt he was struggling. He just didn’t have enough time

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 12 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
NoProfessor
Tags
Finance, Personal Finance, Credit card, credit score, Credit history

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture