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Advice for Scholars from the Board

Topic: Money Management Tips

Our Bright Foun­da­tion board mem­bers give advice to schol­ars on mon­ey man­age­ment! We strive to sup­port schol­ars as they nav­i­gate through col­lege, acknowl­edg­ing that edu­ca­tion goes beyond what hap­pens in the class­room. More advice from the board to come in future blog posts.

What tips for money management might you have to share with scholars?

Take a class in finan­cial lit­er­a­cy. Make sure you have a basic under­stand­ing of account­ing and finance at a per­son­al and busi­ness lev­el, regard­less of your pro­fes­sion. Under­stand how bud­gets work and how to read a finan­cial state­ment and bal­ance sheet. — Tom Press

Live with­in your means, try not to cre­ate large debt, and save a lit­tle if you can. — Jeff Fleming

Learn the pow­er of com­pound inter­est and start sav­ing now, no mat­ter how much. The dis­ci­pline is more impor­tant than the amount.  — Jer­ry Deegan

Take advan­tage of any free meals” when offered – whether from friends, fam­i­ly, class­es, clubs, school, dorm floor, etc. Always take extra fruit from the din­ing cen­ter to have as snacks in your back­pack or dorm room. To earn extra mon­ey on your own sched­ule and have a change of scenery check into oppor­tu­ni­ties to dog sit (Rover app) or house sit. Pet­ting a dog or cat is good emo­tion­al ther­a­py – even if you vis­it a pet store or ani­mal res­cue. — Sta­cy Wanderscheid