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Product cover image for Dreams and Realities: Budgeting for a First-Year College Student

Dreams and Realities: Budgeting for a First-Year College Student

Lina Tannir, Elissa Hamad

Product #:W37002_P
Supplier:Ivey/AUB
Discipline:Finance
Setting:Lebanon, 2022
Details:Exercise (PDF) • 7 pages • 2024-07-09

Subjects:

Finance and investing

Industries:

Financial service sector

Geography:

Lebanon
Your Price:$9.71

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A 19-year-old student had just started university studies and was confronted by the financial challenges that many young adults faced as they embarked on their own life away from home. Her parents provided for her education and many basic living expenses, but there were still many unexpected costs and social life expenses to plan for. After an interesting conversation about personal finances with her friends, the student decided to start her own financial plan to resolve some important questions and to set some key financial objectives for her future.

Learning Objectives

This exercise and teaching note are intended for use in personal financial planning or introductory finance courses at the undergraduate level. However, it can also be used to discuss topics related to financial awareness, financial planning, and personal financial management. The exercise examines financial difficulties that individuals face as they try to manage their financial resources and personal needs. It provides the essential elements for students to learn how to use basic personal financial tools to plan their financial expenditures and to control their financial situation, toward the goal of building financial wealth. The exercise offers students the financial context to learn about basic personal financial planning. It provides financial awareness to students on the importance of setting objectives to meet financial needs and goals. It takes the students through the process of constructing a basic financial planning framework that considers the various needs and aspirations of a young adult striving to meet financial objectives, while setting future goals and aspirations that may require a financial plan. Specifically, after completion of this exercise, students will be able to
  • recognize the importance of financial planning;
  • use basic personal financial tools for tracking financial situation; and
  • develop a personal financial plan.
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Exercise: Dreams and Realities: Budgeting for a First-Year College Student | Ivey Publishing