I work with college students every day. I encounter lots of different issues in their lives. Personal finance is near the top when it comes to their biggest struggles. Some have no idea how to handle their money. Others don't have any money (okay, that's most of them).
What should a good financial foundation for college students look like? Dave Ramsey is famous for his "Seven Baby Steps" that pave a solid financial path for the average North American. I'm a Ramsey fan and certified Ramsey Solutions Financial Coach. But his baby steps aren't perfect for everyone, particularly college students. Here are seven baby steps I recommend college students take to move them toward financial health.
What do you think? What's missing?
If you're a college student and want to talk more about your financial situation, reach out. I'm happy to help.
Learning to be financially healthy is not mainly a math issue. Our problem isn't that we don't know how to put numbers on paper, add income and subtract expenses.
Our problem is that we don't do it. Or worse, we don't want to do it.
Being financially healthy is mainly a heart issue. It's not mainly a how-to issue (though, of course, that may be the case at times). In my own experience with money and from observing others, what I've found is that it's a want-to issue.
As with any other area of life--think working out, eating right, organizing that filing cabinet in your basement, cleaning out that garage, planning meals, whatever it is--the main issue is I need to want to do it. If I want to do it, I'll figure out how to do it.
When it comes to our financial health, we have to ask ourselves one, crucial, foundational question, "Do I want to be healthy?"
Sometimes we have to answer that with a "YES!" daily or even multiple times a day.
But once we say "yes" and commit to saying "yes" over and over and over. We're already getting healthy.
I'd even argue the hardest battle is already won.