Chapter 3 Additional Discussion & Writing Prompts
Chapter 3: Handling Your Money Wisely
Additional Discussion & Writing Prompts
1. Do you have credit cards? Think about how you use credit cards. How might you use credit cards wisely? Do you know how much in interest you pay each month if you aren’t paying the full balance?
2. What are some forms of financial aid available to you?
3. Do you have a budget? How might making a budget help you control your finances?
4. How could you apply SMART criteria for setting financial goals?
5. What are some of your financial goals once you graduate? Imagine that you’ve graduated and you’re about to start a career. What are some things you might have to consider to meet the financial goals you’ve set for yourself?
6. What are some ways that you can take more control of your budget? What are some ways that you can help it expand? How would you plan on making these changes? Give a brief summary of the changes you can make to your budget and the steps each of the changes takes.
7. After you’ve completed your financial statement from the Section One, write down three financial goals you want to accomplish. Write one that you want to reach by the end of six weeks, one that you’d like to complete by the end of the semester or the school year, and one that you’d like to complete in the next five years. By applying the SMART acronym to each goal, explain why each one is specific, measurable, attainable, realistic and time-specific.
8. Do you think the average college student should have a credit card? Name three benefits and three drawbacks and explain why one outweighs the other.
9. Although you have already started the school year, there are still various types of financial aid and scholarship available to you. Hypothetically speaking, how could you personally benefit from taking advantage of these opportunities?
10. Imagine yourself as a graduate, just entering a new career. Write down a few of the ways in which your financial situation will be changing in the next six months. List three things you can do to help ease yourself into your new financial situation.