Suppose that you just completed your first year of college with $12,000 in loans and plan to borrow the maximum each year from now until graduation.You have never accounted for the way you spend your money,do not have a budget,and want to insure that you will be able to repay your loans after college.What is the most important thing you can do right now?
A)Talk to your parents about an allowance.
B)Visit your career counselor at school.
C)Ask a friend who took the Personal Finance course for advice.
D)Immediately begin to develop a personal financial plan.

Question

Quizplus · Accepted Answer

Developing a personal financial plan is the most important thing to do in this situation. Without a plan, it would be difficult to monitor spending habits, make necessary adjustments, and ensure that enough money is being saved to repay loans after graduation. The other choices may also be helpful, but they are not as critical as developing a financial plan.

Suppose That You Just Completed Your First Year of College