Paying for School
1. I have sources of non-debt financial assistance to pay for my tuition each semester (Pell Grant, scholarship, parental support, and/or personal savings).
You're in a good spot! Having non-debt financial assistance is a great resource for you and can help you graduate debt-free. To help you best plan where to allocate your financial resources, visit our
Financial Planning in 6 Easy Steps.
You're off to a good start. Take it a step further by applying for more scholarships; there are probably more that you may qualify for than you might think. Check out our
scholarship page for a list of scholarships that could be available to you.
You may have some financial assistance, but it's not quite enough to cover your costs. Try applying for as many scholarships as you can because there are probably more that you may qualify for than you might think. Check out our
scholarship page for a list of scholarships that could be available to you.
Perhaps you had some financial assistance at some point, but it's dwindling fast or is not enough to get you through school. Start by filling out the
FAFSA and applying for all of the
scholarships you can.
Getting the right financial assistance for you can be a daunting task, but it's well worth it. Start by filling out the
FAFSA and applying for all of the
scholarships you can.
2. My part-time income, combined with any summer earnings, is enough to pay for all of my regular living expenses each month (rent, food, transportation, and personal expenses).
Great! Working through school not only helps you graduate debt-free, but can look great to future employers. This provides you with valuable experience that gives you an edge in a competitive job market. Take it a step further by clicking
here to discover ways to connect your academic, career, and financial goals.
Good! You might be able to put in a few more hours at work to fully cover your expenses, but perhaps an even more time-efficient way to do this is through
smart spending.
Whether you're working on a regular basis or just using your summer savings, it's not quite enough to cover all of your expenses. Perhaps you could put in more hours at work, and you should examine your schedule to determine that possibility. Once you determine how much you can earn each month, create a
spending plan to divide your income where you need it.
You should evaluate your situation. If possible, do you have a part-time job? If so, does your job not cover your living expenses because of the pay, hours, or the way you spend your money? Is it a combination of all three? If the problem is with the job itself, consider finding a new job that will allow you the pay and hours you need. If the problem is with controlling your spending, click
here to get started.
Now may be a great time to begin a part-time job. Not only could it help you graduate debt-free, but working part-time can provide you with experience that could give you an advantage with future employers. Click
here to see what student jobs are available on campus.
3. I am enrolled in a full course load each semester and achieve passing grades in all of my classes.
Excellent! Keep up the good work. Click
here to get the guidance you need to stay on track to graduate in a timely manner.
Consider meeting with your
academic advisor, professors, TA's, and/or labs more often to get the help you need to pass a full course load.
Consider meeting with your
academic advisor, professors, TA's, and/or labs more often to get the help you need to pass a full course load.
If you are dealing with a lot of personal or financial problems and distractions, consider taking time away to deal with them. Then, you can return to school and ensure that your tuition will be spent on good grades that can secure a better future for you. Before doing this, however, please consult with your
academic advisor.
If you are dealing with a lot of personal or financial problems and distractions, consider taking time away to deal with them. Then, you can return to school and ensure that your tuition will be spent on good grades that can secure a better future for you. Before doing this, however, consult with your
academic advisor.
Spending/Financial Management
4. I have written financial goals and know what I need to be doing on a daily basis to achieve them.
You're doing great!
Make an appointment with a Financial Fitness counselor to get ideas on how you can better achieve your goals.
Perhaps you have financial goals in mind but you haven't written them down, or maybe you have written financial goals but don't always know how to achieve them.
Click here to improve your goals and learn how to track your progress.
Financial goals guide you to success now and in the long run.
Click here to improve your goals and learn how to track your progress.
Imagine you've just inherited $1 million. Write down what you would do with that money. This indicates what your financial values are. After that, make the goals more specific to your situation and modify them to include when, where, and how you plan to achieve those goals.
Click here to improve your goals and learn how to track your progress.
Imagine you've just inherited $1 million. Write down what you would do with that money. This indicates what your financial values are. After that, make the goals more specific to your situation and modify them to include when, where, and how you plan to achieve those goals.
Click here to improve your goals and learn how to track your progress.
5. I have money in an emergency fund to help me pay for unexpected expenses.
Wonderful! You're right on track.
Click here for ideas besides emergency money to help you prepare for the unexpected.
You're probably okay for some unexpected expenses, but what if several pop up at once?
Click here to learn how to prepare better.
You might just be starting your emergency fund, but it's not quite enough to cover any major expenses yet.
Click here to learn how to better prepare for emergencies.
You might be just starting your emergency fund, but it's not quite enough to cover any major expenses yet.
Click here to learn how to better prepare for emergencies.
It's important to have an emergency fund, including food storage, even as a student. Although we'd love for you to live happily ever after, life happens, and we want to help you be prepared for whatever comes your way.
Click here to learn how to better prepare for emergencies.
6. I use and review a written budget (or app, computer program, etc) on a regular basis to guide my spending decisions.
Perfect!
Click here to try these cool apps to keep your budget mobile and help you save money.
You'll probably find it useful to schedule some time at least once a week to update your budget. Try our
Budget Calculator to help you stay on track all year.
Budgeting is vital to your financial, academic, and career success now and in the future.
Click here to begin.
Budgeting is vital to your financial, academic, and career success now and in the future.
Click here to begin.
Budgeting is vital to your financial, academic, and career success now and in the future.
Click here to begin.
7. I analyze my spending patterns to find ways I can improve my financial management.
As you analyze your spending patterns, you might be inclined to learn how to shave the edge off your excess costs.
Click here for some great ideas to help you spend even less.
You're on the right track, but you could spend a little more time analyzing your budget to help you save even more money.
Click here for a list of financial calculators to help you see where your current habits will take you.
You could spend more time analyzing your budget to help you save more money.
Click here for a list of financial calculators to help you see where your current habits will take you.
Now is the time to improve your spending habits, and one of the best ways to do that is through budgeting.
Make an appointment with us for a free cash flow analysis, which can help you in this process.
Now is the time to improve your spending habits, and one of the best ways to do that is through budgeting.
Make an appointment with us for a free cash flow analysis, which can help you in this process.
8. I worry about money. I am distracted by financial concerns and feel stress over my finances.
First, you should identify what is causing you financial stress.
Click here for a list of financial situations that could apply to you and learn how you can improve.
First, you should identify what is causing you financial stress.
Click here for a list of financial situations that could apply to you and learn how you can improve.
First, you should identify what is causing you financial stress.
Click here for a list of financial situations that could apply to you and learn how you can improve.
First, you should identify what is causing you financial stress.
Click here for a list of financial situations that could apply to you and learn how you can improve.
If you're not stressed, it's generally because you're organized and prepared with a budget, good credit, and a solid plan to pay for school.
Click here to get more ideas on how you can stay organized in order to save time and money.
Debt/Credit
9. I can usually find ways to reduce my expenses to avoid unnecessary borrowing.
You are in a great spot! To help you spend even less and stay on track to graduating debt-free, check out these
resources.
You may be able to avoid or reduce future borrowing by improving your spending habits.
Click here for great resources to help you cut costs.
You may be able to avoid or reduce future borrowing by improving your spending habits.
Click here for great resources to help you cut costs.
You may be able to avoid or reduce future borrowing by improving your spending habits.
Click here for great resources to help you cut costs.
You may be able to avoid or reduce future borrowing by improving your spending habits.
Click here for great resources to help you cut costs.
10. If I currently have a student loan, I know my total outstanding balance and the required minimum monthly payment to meet this obligation after I graduate.
Knowing the balance on your student loans and how much you'll be paying in the future is key to financial planning. Be sure to consult with your lendor to find out how much you owe. Check out our
loan calculator to help you better plan your
debt repayment.
11. I have an outstanding student loan balance in the amount of (estimate, if necessary):
No loans! You're in great shape. Check out these
resources that can help you stay out of debt.
Not knowing the balance on your student loans can leave you unprepared to face future challenges. Be sure to consult with your lendor to find out how much you owe. Please
set an appointment with one of our trusted mentors at the Financial Fitness Center to help you.
12. I pay my credit card balance in full each month to maintain a good credit score and avoid interest charges. (Select "Not Applicable" if you don't have a credit card).
Keep building your credit responsibly! You're doing well. Click
here to help answer any questions you may have about establishing credit.
You're almost there, but you should always pay off your credit card balance. Click
here to help answer any questions you may have.
You're almost there, but you should always pay off your credit card balance. Click
here to help answer any questions you may have.
Your current credit habits can greatly affect your current and future financial security. Click
here to help answer any questions you may have.
Your current credit habits can greatly affect your current and future financial security. Click
here to help answer any questions you may have.
If you don't have a credit card already, now could be a good time time to start looking, as long as your spending is under control and you have $1000 in an emergency fund. Building credit is vital to your financial comfort and success. Click
here for a guide to jumpstart your credit card research.
13. I have ordered and reviewed a copy of my personal credit report from a major credit reporting bureau and know my credit score.
Excellent! Don't forget to do this annually. You can go to
annualcreditreport.com and order your credit report from at least one of the main credit bureaus (Equifax, Experian, and TransUnion). You may receive a free credit report from each of these bureaus once a year.
Go to
annualcreditreport.com and order your credit report from at least one of the main credit bureaus (Equifax, Experian, and TransUnion). You can receive a free credit report from each of these bureaus once a year.
14. I know about recommended actions to protect myself from identity theft and actively take these precautions to ensure my personal information is not used fraudulently.
Great! Click
here if you ever need access to a shredder to dispose of documents containing personal information.
Identity theft is a serious issue, and you need to take the right precautions to prevent it. Click
here to learn how to better safeguard against identity theft.
Identity theft is a serious issue, and you need to take the right precautions to prevent it. Click
here to learn how to better safeguard against identity theft.
Identity theft is a serious issue, and you need to take the right precautions to prevent it. Click
here to learn how to better safeguard against identity theft.
Identity theft is a serious issue, and you need to take the right precautions to prevent it. Click
here to learn how to better safeguard against identity theft.
Career/Financial Planning
15. I have explored career options based upon my major course of study and know what I can reasonably expect to earn for my starting salary.
Make sure to
keep tabs on this information as careers and salaries evolve. This can help you plan for the future and stay realistically aligned with your goals.
This is something you should explore now. This can help you plan ahead and stay realistically aligned with your goals. Click
here to get started on your research.
16. I have a basic understanding of employer benefits and how to evaluate benefits packages when accepting my first job offer after graduation.
You're in good shape so far! Don't forget to discuss this in your future full-time job interviews. Click
here to get some ideas to help you.
This is very important to your future financial health. Click
here to learn about employee benefits and how to negotiate them in your full-time job interviews.
Hang on; it looks like you're missing something. Please answer every question before continuing.
Calculate
Your financial fitness score is:
Scale:
(90 -100%) - Maintain progress and keep doing what you are doing - it's working. You are well-positioned for transition to full-time career/family life.
(80 - 89%) - Overall, you're doing well. However, you've got a few areas to fine-tune and some room for improvement. See below to find out how you can make a few adjustments in your life to improve your financial fitness.
(70 - 79%) - You're doing many things well, but you have several areas that need correction. Set an appointment with us at
financialplan.byu.edu
(60 - 69%) - Take action now to improve financial fitness and realize the benefits of good financial decisions. Set an appointment with us at
financialplan.byu.edu
(0 - 59%) - Make changes now to avoid severe financial challenges in the future. Set an appointment with us at
financialplan.byu.edu
So what does this mean for me?
Your score indicates your general financial health as a college student. In other words, this measures how wisely you're assuming responsibility for your own financial well-being and how well you're prepared for life after graduation. Scroll back up through your quiz to see suggestions for improvement we've provided to you based on your responses to each question. If you have any questions about your score or the above suggestions, please contact us at
financialplan.byu.edu. We recommend that you save/print this page (Ctrl + P) for your own reference, especially so you can track your progress upon taking the Financial Fitness Quiz.
This self-assessment tool is adapted from the Financial Fitness Quiz, developed by the New Jersey Agricultural Experiment Station at Rutgers University, and is being used with their permission.
