Why learn about financial management?

College life comes with a lot of expenses. Students must balance the cost of courses, supplies, and books—as well as the costs of living like rent, food, clothing, transportation, and medical care. And we haven’t even brought up leisure activities yet, which can soak up money really quickly. Watch this interview with two college students and a financial adviser. Do their situations seem familiar? Are you facing any of the same issues?

You can view the transcript for “College Students struggle with Money Management” here (opens in new window).

The students in the video above struggled to keep track of their money and to keep their spending in check. One of the first—and easiest—steps in financial management is to simply pay attention to your money: record (or look back to see) where and how you’re spending it. Once you know where your money is currently going, you can figure out what steps to take next.

In this section, we’ll learn how to balance these costs and spend your money well. We’ll also learn about financial aid options, like scholarships and student loans, and where these aid options are most effective.