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Master Your Money

Illustrations by Nate Bramble

Meet Professor Neil Hatem

He's taught math at Lasell since 1996. He also wants to spread his wealth of knowledge about personal finances (pun absolutely intended) to as many people as possible. At present, he teaches two sections of Financial Literacy at Lasell and offers standalone community workshops; he estimates that he reaches 50 percent of Lasell seniors by the time they graduate—but that’s not enough.

“We teach students what they need to know to succeed in their professional environments,” he says. “Why wouldn’t we also want them to have the skills and tools they need in their personal lives?”

Eventually, Hatem hopes to offer his course to every member of the Lasell community, both on- and off-campus. After all, he notes, financial literacy doesn’t make you rich, “but it does put you in charge.”

Here are Hatem's tips for managing your money and your future:

Make a Budget

Start simple: Write down a month’s worth of expenses as they happen. This will help you understand your spending habits and how they compare to your income. Note every expense, down to your daily coffee.

Pro tip: Don’t overcomplicate things. Log your spending however it works for you. Apps and spreadsheets are great, but pen and paper are just as good.

Take Control of Debt

Debt can be divided into two categories: fixed and variable. Fixed debt does not change month to month: rent/mortgage, car payment, student loans, etc. Variable debt fluctuates (think utilities, groceries, dining out).

Incorporate your fixed debt into your monthly budget. You can charge as much as you want to a credit card … so long as you pay it off in full each month. And for those with larger debts, make a payoff plan and incorporate that as a fixed debt into your monthly spend. When you make it to zero, shift to the first mode of operation (only charging what you can afford).

Pro Tip: Choose credit cards that offer useful benefits, such as hotel, airline, or shopping points. Charging your fixed debt expenses to these is an easy way to earn points for money you’re already committed to spending.

Build Your "Big Three"

In an ideal situation, you’re budgeting to put money away in three different areas each month: retirement, nest egg, and emergency fund. That said, let’s get real: Life is a rollercoaster. In some months, years, or entire phases of your life, you’ll need to adjust your spending and saving habits to accommodate big changes, like paying down loans, buying a house, or growing a family. The most important thing to do is to try and put a fixed amount, whatever that might be, toward those three areas each month. The more you can put away, the better.

For retirement, I suggest saving $250 monthly, but a percent of your income may be a better approach for some. Check if your employer offers a matching contribution. Your nest egg, or future assets, can help with major life purchases. Set up a high-yield savings account or index fund to exponentially increase your interest. Finally, your emergency fund: put away $50–$100 a month until you build up six months’ worth of monthly expenses. This covers those worst-case scenarios that usually lead to financial stress. If you tap into this, be sure to replenish funds to that starting number when able.

Pro tip: Build your Big Three fund transfers into your budget and set them up as automatic withdrawals so you don’t have to think about them each month.

Consider a Side Hustle

We’re not in the 1980s anymore. A 9-to-5 salary nowadays rarely pays your bills and provides for your future. You can cut nonessentials, or you can find creative ways to make money and support the lifestyle you want. I tutor high school students, and I’ve been an Uber driver; other folks walk dogs, freelance, rent their assets to others. The side hustle is valid and is not a sign that you’re spending beyond your means. It shows that you’re making it work.

For some folks, a side hustle allows them to break the cycle of making ends meet and instead starts a cycle of generational wealth. For others, it offers the chance to save “me” money and take care of yourself beyond your regular salary means. And for others, it’s a fast-track toward building your Big Three investments.

Pro tip: Think of your life like a 24-hour convenience store. You are technically open for business all the time, so how can you play to your strengths and interests? You might monetize a skill you have (Speak a foreign language? Offer tutoring!) or charge for unused assets (Do you walk to work in the summer? Rent out your car!).

Make It Yours

Remember that you are in charge of your financial future, with many options to choose from:

Are you comfortable with risk? Stock market investments could be right for you.
Prefer a fiscally conservative lifestyle? Perhaps you grow your money in accounts with no market implications.
Ask your bank if it offers discounted or free financial advising for clients. Or consider hiring a financial advisor to manage your money if that alleviates stress and time for you.
Consolidate your student loans and tackle them in addition to, not in lieu of, the Big Three. Can’t consolidate? Pay off the one with the highest interest rate first.

Most importantly, remember that everything here is a framework. The specifics depend on your personal situation. Just like an exercise regimen or a learning plan, your financial strategy will vary for your family and will change at different times. Adapt as you go, and put in the effort; it will pay off.

Advice from Alumni

“Accidents happen. Build an emergency fund of 3–6 months of expenses to prepare for what life throws at you. Everything is great until it isn’t—give yourself a cushion to fall on.”
—Anthony Bruno ’24

“Don’t just chase the highest paycheck. Look at the full job offer: 401(k) matches, health benefits, and loan repayment help. That stuff adds up fast and can be worth more than a few extra dollars in salary. Also, it’s exciting to get a paycheck that allows you to live with new comforts and amenities, but it may be helpful to keep living like a student for awhile after graduation. Challenge yourself to understand what you need versus what you want, and aim to knock down debt fast—it will save you a lot of interest over time and allow you to build wealth that will grow.”
—Jimmy Martin ’03

“I wasn’t initially sure how to navigate my student loans; it felt like a never-ending mountain of debt. I refinanced my high-interest loan to a different company with lower rates, which saved me a lot of time and money. I also knew that I didn’t want to be paying loans well into my 30s, which meant I would have to pay more than the minimum each month. I created a monthly budget, and for the first few years out of college, I made sure to live below my means so that I could put extra money toward my debt. I recommend setting up an auto-deduction from your checking account so that you follow through.”
—Corinne Ciraldo ’19