Financial Basics: A Money Management Guide for Students

by Susan Knox

Jason is typical of today's college students, who are assuming unprecedented debt burdens because of relaxed limits on student loans and easily obtained credit cards. Many on college campuses are calling it a fiscal crisis. Financial Basics tackles the gaps in the personal financial knowledge of college students. Beginning with debit-credit card issues, student loan decisions, and the challenge of managing and reducing debt, Knox walks readers through money management. She skillfully addresses the how to's of checking accounts, spending plans, emergency funds, and credit histories. She discusses financial personalities and the emotions of money, as well as practical record-keeping and simple filing techniques. In Financial Basics, Knox blends her extensive money-management experience with her desire to inform and help students master their finances: she shares experiences about money lessons learned in college, and offers sound solutions and advice for students and their families. Since everyone does not handle money in the same way, Knox gives money-management options for readers to find their best way. The book includes helpful worksheets and is written in an easy-to-read style, using testimonials and examples that will ring true to students.

Genres: Finance, Economics

145 pages, Paperback

First published June 21, 2004

Reviews

[Robyn26 loid · Rating 3 out of 5]

This was an interesting book. I learned more from a book called, "1001 Best Ways, Volume 1" by author Paul D. Angles. This book has 1001 answers on 24 important subjects. Hundreds of people are sharing their best experiences with you. It was a great book with lots of amazing tips. http://1001bestways.com/

[Priscilla Long · Rating 5 out of 5]

This is an excellent, clear, persuasive book on how to manage your money. Everyone should read it, not just college students. But, yes, college students should read it too. It should be handed to them on the day they arrive.

[Cynthia · Rating 4 out of 5]

Financial Basics by Susan Knox is an interesting book about how to properly handle money, especially while in college. Knox believes that the majority of college students don’t know how to be careful with money, so they end up having a lot of debt. This book describes many ways that people make large mistakes with money, what to do to fix them, and how to prevent the mistakes from happening. For example, many people tend to become ‘credit card crazy’ and just keep spending money with their credit cards. They spend more than they realize, and acquire a lot of debt. Usually, when a person has debt, it takes a long time to pay it off and because of interest, it becomes more and more money. I learned that to stop using credit cards, it’s best to either just cut them up or to freeze them in a bowl of water (by doing this, the person has a lot of time to think about the importance of the product while the water melts). By knowing this before I become crazy for credit cards, I can stop myself before I buy too many things.
One part of the book that I liked was how the author started each chapter by having a person describe what an he/she actually experienced. This part usually showed what not to do and the consequences from doing it. It also made the book easier for me to connect to. I realized that these problems are real and that actual people make these mistakes.
A part of the book that I did not like was how it was mostly for what to do while you’re in college. The author mentioned this concept of ‘being on your own’ a lot, which I was not really fond of because I am not ‘on my own.’ I mostly disliked this because the cover said that this book is for ‘students,’ which made me assume that it was for high school students, not college students. The back of the book also never mentioned it being for when you’re in college.
I liked the writer’s style a little, but not too much. It was usually interesting, but it was also a little dull. Some of the vocabulary that the author used was confusing--there were a good number of times when Knox was talking about a certain money concept, and I did not understand what that concept was. For example, there were many types of loans that I did not know about, so I did not understand them.
On the other hand, I liked how the chapters were formatted. As mentioned before, each chapter started with a situation that a real person had experienced. I also liked how each chapter ended with an overview of the most important parts of that chapter. If the reader wanted to read a specific topic, but was not sure which chapter it would be in, he/she could just read that section at the end of each chapter and then know.
Overall, I think that this book was very good. I learned a lot about the correct ways to handle money. One thing I learned was to never spend ‘future money.’ A lot of people think that they’ll make more money soon, so they spend it, even though they don’t have that money. Doing that actually puts a person into a lot of debt, so I learned to only spend what I actually possess. I also learned to start saving for retirement as early as possible, so I will have a lot of money saved by the time I actually retire.
I would recommend this book, but mostly to college students and high schoolers about to go to college. As I said before, there was a lot about ‘being on your own’ in this book, student loans, and how to pay for college. But, even though Financial Basics is more for college kids, almost anyone in at least middle school can read it, though it would be best to wait until right before college. In general, I think people should read this book because most students don’t know how to properly handle money, and knowing how to not have debt is extremely important.

[Dori Jones · Rating 5 out of 5]

Every college student could benefit from the vital information in this slim, easy-to-read book. It starts with "Seduced by Credit Cards" and "Nervous Breakdown Budget" and moves through all the basics you'll wish someone had told you. Prevent the financial crisis in your life (or your student's) by reading this NOW!

[Anna · Rating 4 out of 5]

Good tips for students (and recent graduates) about resisting credit cards, creating budgets, loans, credit history, how you spend your money, and developing your own money philosophy.

[Amy Pattee · Rating 3 out of 5]

Good Info- a little dry, but what financial book isn't? :)