Personal Finance for a College Student

Yikes, it seems that a twice-weekly schedule is too much. I'm going to try for once a week and put the 31 days project on hold for now until I get into more of a rhythm with this blog.

I've been thinking about my last posts. I realized that I interpreted values as qualities that I want to improve in myself, which led to abstract inwardly directed goals. That's fine, but I'm looking more for concrete directions so I know how my actions affect what I want to do with my life.

So, I asked myself instead, "What is truly important to me?"

Here is what I came up with:

-Helping people
-Traveling the world and understanding different cultures
-Family
-Writing

For me, writing this felt like taking off a burden. It's solid, and I can see clear, concrete goals I can make towards these values, especially during my final year of school and the year after graduation. My next post will focus on designing goals to match these values.

Later than expected, but here is the next installment of my attempt at

The Simple Dollar's "31 Days to Fixing Your Finances"! I'm going to shoot for a twice-weekly schedule for now and see how things go.

This time, I took the four core values I defined in an earlier post and created goals directly based on those values. This exercise comes in three steps.

Note: I changed my third core value to freedom because I caught myself constantly confusing peace with everything else. When I am aligned with my core values, peace should naturally follow.

Step 1: Ask yourself where you want to be in 25 years in terms of those values.

In my case, this is where I hope I will be when I am 46:

True compassion

-Stronger bonds and warm, honest communication with family (including relatives) and friends
-Less anxiety around strangers and acquaintances, more willingness to grow closer
-Spend most of my time helping others, staying informed
-Outspoken and articulate when defending others and my views

Trust

-Good health
-A good home for myself
-A secure and happy living situation for my parents. I am able to care for them.

Freedom

-Finances in order
-Few material possessions, just what I need
-Content with my physical appearance
-Content with myself, shortcomings and all
-Strong, active spiritual life

Growth

-Still learning every day from everything! Have not stopped being a student
-A much better writer, doesn't matter if I'm published, but have written a lot by now
-A job that keeps me mentally and spiritually stimulated, lots of room for creativity and growth

Step 2: Turn that vision into goals that you want to have fulfilled by that time.

Although the original examples prefaced each goal with "I want to," I changed it to "I will" to benefit from the power of intention. You can try it to see what I mean: say a goal in both ways. Which one sounds stronger?

True compassion

-I will keep regular contact with my family and friends and have established a schedule that works for both of us.
-I will be able to discuss any concerns and problems with mutual respect and clear articulation.
-I will treat everyone warmly and equally with my whole self.
-I will have a job that allows me to serve others and benefit the environment while still having time to write.
-I will understand people from different backgrounds and immerse myself to completely new ways of thinking.
-Corollary: I will travel the world.
-I will assert myself clearly and effectively.

Trust

-I will have healthy levels of cholesterol.
-I will be fit and free of preventable diseases and problems.
-I will be settled down in a warm, inviting home of my own, even if I am still off travelling the world.
-I will be able to provide for my parents' needs, financial and otherwise, in their old age. I WON'T let me live in a nursing home.

Freedom

-I will be totally free of debt and not worry about being able to provide for myself financially.
-I will have only my essential possessions, including what truly makes me happy.
-I will accept and love myself, including physical appearance.
-I will have a strong, active spiritual life.

Growth

-I will still be flexible, open, and humble to all experiences and STILL be a student.
-I will have more power and fulfillment from my writing and have produced a significant amount of work.

Step 3: Where do you want to be in terms of those values in one year?

I misread this one and thought it meant where I wanted to be in terms of the goals I previously listed in one year. I think my results are a lot more specific than what I would have gotten otherwise. I added some goals as an afterthought to include ones that don't quite fit in with the 46 year old me (italicized).

True compassion

-I will have had significant conversations with my father and brother about myself and my future plans. (I am much less closer to them than I am to my mother)
-I will have stopped blowing up at my family and established a habit of conveying my feelings through conversation or writing before a problem occurs or SOON after.
-I will have approached and gotten to know as many as possible of those people on campus I've felt intimidated by for no good reason.
-I will have applied for internships and volunteer programs that emphasize social service for after graduation.
-I will travel for at least a year before settling down with a full-time job (doesn't include above internships and programs).
-I will have completed a course on effective communication skills.
--I will have spent considerable time with people who AREN'T 18-22 year olds from a small private liberal arts college.

Trust

-I will have healthy normal levels of cholesterol.
-I will be able to do 5 laps around the running track without stopping and touch my toes when I stretch.
-I will have a clear idea of how my parents would like to be provided for in the future and what I can do to help.
--I will forgive and accept my ex-boyfriend as he is and maintain a good, genuine friendship with him.

Freedom

-I will have a clear sense of my amount of debt and a schedule and plan of action of getting rid of it as effectively as possible.
-I will have gotten rid of all my unwanted clothes and books and cleaned my junk from the basement.
-I will be able to truthfully tell myself "I love you. You are beautiful." when I feel my worst.
-I will be an active member of at least one spiritual group on campus and have completed my altar.

Growth

-I will have kept a journal of all the things I have learned OUTSIDE of class, and different ways I have applied what I have learned in class OUTSIDE of class.
-I will have completed a senior creative writing project and produced two substantial volumes of work.
-My bonsai tree will still be alive.


Thoughts on the process:

I found this exercise very difficult since my core values and goals have a lot to do with personal growth and relationship health which can be extremely hard to quantify. While I like having lots of concrete goals now, I still want to look at my other goals that don't directly stem from my core values and see where they lie in this scheme of things. I don't think the steps specifically allow for this, so I may follow up on this post with an extra reflection next time.

After that, the next installment will address creating a plan for each goal. Stay tuned and thanks for reading! Let me know what you think so far, even if you're not participating.

The week before any school break is insane. Midterms and papers left and right, and for me, two work-study jobs. I slept maybe 4-5 hours a night and subsisted entirely on Luna bars, plain salads, and lots of tea and coffee.

As a result, my nose has mutated into a faucet and my sinuses feel like a bomb about to blow. The lesson learned here? I absolutely have to take care of myself, especially when I am most busy and stressed. That's the time my body needs me the most.

One of our greatest teachers is our bodies. I keep forgetting that, until it makes me learn things the hard way. It's not just a transport vehicle for our minds.

Well, at least my cold was well-timed. I'll spend my time at home resting, eating good home-cooked food, and taking it easy. I'll also catch up on the days I've missed on the finance series. I'm glad several of you are going to try doing the series as well!

If you know you're pushing your body to its limits right now and don't have time to sleep and eat properly, try finding ways to be more efficient with your work and replace other rest activities (such as watching TV, chatting on the phone, going out to movies) with more sleep and cooked food. If that's not possible, try doing breathing meditation for just ten minutes that day. Get yourself away from your work/desk, sit down, close your eyes, and focus solely on each inhalation and exhalation. The effects are extraordinary.

Trent over at

The Simple Dollar wrote a long series called "31 Days to Fix Your Finances." So far it has been helpful to me, so I'll post my progress on it and see where it takes me.

DAY ONE
"Clearly identify your core values." Since we're supposed to boil it down to 4-6 values, each one I chose carries several levels of significance for me.

Before that, here is what I started out with:

-Love
-Optimism
-Open mind
-True compassion
-Freedom
-Stability
-Forgiveness
-Peace
-Growth

Here is what I whittled that down to:

-True compassion
Particularly after a painful breakup two years ago and a semester in Dharamsala, India studying Buddhist teachings on compassion, I have been deeply preoccupied with how to truly understand someone else's suffering. I want to focus more on others and not settle for feeling pity or indifference. Also, as Thich Nhat Hanh said, true compassion means knowing how to alleviate that person's suffering and taking active steps to do so. I understand compassion then as having velocity--- not simply the intent and understanding, but also forward motion. True compassion implies forgiveness and an open mind so I took those off.

-Trust
I (am trying to) trust that the universe supports me at all times. I want to trust myself to take care of myself and be a good friend to myself, as well as trust that my friends and family will be there for me when I need them. I am learning that it is okay to need. I also want to be strong and receptive, so others can trust me. Trust implies stability and optimism, so I took those out.

-Peace
Peace for me implies a sense of harmony, purpose, patience, and freedom. While there are many kinds of freedom I want, I don't mean to imply a freedom that cuts off all strings. For example, I would like financial freedom and no debt, but rather than live in the woods or marry someone rich, I aim to cultivate a state of mind that finds joy and security despite money and whatever material limitations it has on me. I also want stronger self-esteem, clear focus, and fewer inner demons (don't we all!). Being free to pursue my dreams and helping others to attain this freedom and inner peace is very important to me.

-Growth
Growth implies outward movement and cultivation. When I closed my eyes and tried to imagine when I feel most joyful, I thought of walking briskly back home after a long day of trying my hardest, making concrete steps, and being good to myself and others. While true compassion also implies growth, I wanted to clearly focus on the wider implications of the word "growth," mainly the other ways it can manifest and a sense of direction. Growth means staying grounded and nurturing your roots while reaching for the skies. It entails having an open mind.

And that's it. Why did I take out love? If I could boil everything down to one value, it would be love, but the word itself implies too much to get a clear grasp on. By breaking it down to a few values, I have a better sense of what facets are particularly significant to me right now.

Next time, I will clearly define my goals, financial and otherwise, and ask myself, "do my goals align with my core values?"

If you are interested in doing this yourself, I suggest following the series on The Simple Dollar website itself rather than just my blog. Either way, let me know!

Some background info: I'm Luna, a 21 year old in my last year of college. I have never really had to manage my own money, but I want to learn how to now so I can be in good shape after I graduate and not let money control me.

My school allots each student a yearly stipend of points, which is included in our tuition. Since we do not get reimbursed for unused points, the goal is to pace yourself so you have enough points to last the whole year. However, since meal prices are outrageous (we just switched food providers), I'll have to balance cooking meals at home, buying cheaper groceries elsewhere, and not spending too much time in the kitchen.

Since I use invisible points for most of my daily expenses and a credit card otherwise, it's hard to stay frugal. One of my first goals is to get a more tangible sense of my money, as well as the amount of debt I have.

I plan to monitor my spending habits and not splurge on items simply because I'm stressed and want entertainment and new clothes. I also want to maximize my time so I can get what I need to do done and not go crazy.

I'll be keeping a journal of my habits and write occasional articles about college student finance and organization. Thanks for reading and stay tuned!