Introduction to Financial Management for University Students
University students juggle macro, micro, and calculus courses but seldom learn how to manage their own finances. Yenny Saldarriaga, a certified accountant and author, proposes starting today with clarity of income and expenses, purpose-driven budgeting, and discipline to maintain good habits.
Three Key Areas for Managing Finances
In an interview with El Economista, Saldarriaga explained her guiding principle is simple: divide your money into three areas:
- Living: We all need to enjoy the present.
- Growing: Investing in education and projects or ventures is planting a future.
- Giving (Contribution and Connections): Money multiplies when it circulates with gratitude and purpose.
She emphasized that financial freedom is not a matter of luck but the result of consistent, timely decisions.
Diversifying Income
Saldarriaga stressed the importance of diversifying income, particularly through technology-based ventures, always maintaining ethical standards. She explained that financial freedom is not about luck; it’s the sum of consistent decisions made on time.
Why Financial Literacy Matters for Students
Beyond covering tuition or rent, Saldarriaga explained that personal finance management for students goes further. “Organizing your cash prevents costly debts, improves mental health, and opens space for academic opportunities.”
Saving
In Mexico, low use of formal financial services and the informality of saving remain challenges. Therefore, learning to record cash flows, separate accounts, and use basic tools—digital account, emergency fund, low-risk investment—is crucial from the first semester.
She also advised planning taxes and understanding minimal obligations if you do freelance work prevents penalties and protects your credit history for future stages. Saldarriaga insisted on impactful habits: noting income, expenses, and dreams; building a budget that guides rather than restricts, and reviewing progress monthly.
Gradual Financial Goals
- Build an emergency fund of three months.
- Eliminate high-interest debts.
- Automate savings and investments.
- Learn to generate parallel income—freelance, content creation, digital products, or technical services—without neglecting ethics or studies.
She emphasized that money is a tool for better choices: time, projects, learning, and relationships. Treating it with respect allows it to work for you, not against you.
About the Book
“En el cielo no hay impuestos” (Taxes don’t exist in heaven), Saldarriaga blends practical accounting with personal development. The book is divided into four chapters:
- Personal Development
- Finance
- Spirituality
- Personal Grimoire
Saldarriaga explained that the “Grimoire” functions as a working notebook for readers to record formulas, learnings, and rituals that solidify habits. “It requires no prior accounting knowledge; it explains concepts clearly, provides applicable exercises, and checklists that make theory actionable.”
The book includes examples of student scenarios: variable income from internships, scholarships subject to tax rules, and initial service contracts.
About Yenny Saldarriaga
Yenny Saldarriaga is a certified public accountant, author, and financial coach. She integrates tax strategy with practical education to help young people and entrepreneurs build sustainable habits and purposeful money decisions.
Key Questions and Answers
- Q: What are the three key areas for managing finances as proposed by Yenny Saldarriaga?
- Q: Why is financial literacy important for university students?
- Q: What are some gradual financial goals suggested by Yenny Saldarriaga?
A: The three key areas are living (enjoying the present), growing (investing in education and projects), and giving (contributing and building connections).
A: Financial literacy helps prevent costly debts, improves mental health, and opens opportunities for academic growth.
A: These include building an emergency fund, eliminating high-interest debts, automating savings and investments, and learning to generate parallel income ethically.
