Financial advice for students by a student

A common adage claims that “money makes the world go round.” For students, this statement is particularly true … and intimidating. 

However, despite common college fears about personal finances, Samuel Morato, a Utah Community Credit Union employee and UVU student studying engineering, helps fellow students understand that it’s not impossible to navigate the world of money. 

Like any other skill, better habits are made when we make mistakes and learn from them. Morato shared his thoughts on which practices can help students create good financial habits and how students can learn from their mistakes.

According to Morato, the most common financial mistake that many students make is living outside of their means. “Many students are in their twenties,” Morato explained. “And many of them want to party and eat out and go do fun things. That’s not a bad thing, but they often don’t think about it, … and they often try to go get more loans, more credit cards and things.”

The solution is simple, Morato explained. “Just try to live below your means.” Morato continued, “I’ve noticed a lot of people try to buy the nicest car or prove something to their friends, when a lot of times, it’s not worth it.”

Another thing students may be concerned about is debt. However, although things like credit cards and auto loans may seem intimidating, a careful plan makes them easier to handle. “I try to not drown in [debt],” Morato said. “When I use my credit card, I make sure to pay it off every month because I know I’m using that money anyway.”

He goes on to explain that although “people might think that credit cards are a bad thing, … they’re not. They’re just a tool to help you, and as long as you use them correctly, they’ll end up being more beneficial to you in the future.”

Paying for school is a constant worry for students, so Morato recommends setting aside money as it comes in. “Anything I don’t use goes into my savings account,” Morato stated. “Different students need different things. … If you want to go to a graduate school and need to take out a loan, you can do that. Just make sure you have a plan set up to pay it back.” Morato also recommended that students try to find available scholarships to help alleviate some financial burden. 

For a simple conclusion to his advice, Morato stated, “In the end, it all comes back to living within your means. Just live the lifestyle you can afford.”

More information on scholarships and financial aid can be found here. More help can also be found at UVU’s Money Success Center located in room 108 of the Keller Building.