By Megan Bingham

Whether you’re a single student or a married student with children, Craig L. Israelsen, a professor of family studies at BYU, has compiled a list of nine essential steps to help you navigate your way to financial independence. Even if you’re not a math whiz, these tips can land you and your bank account on cloud nine.

Give Generously
Call it karma or call it a blessing — making a conscious effort to give something back to the world, whether through church donations or charitable work, can leave you in a better financial position.

Save 10 percent
If you put just 10 percent of your income into savings you’ll be ready for anything when storms and unexpected expenses roll in.

Keep Records
It’s time to get organized. Create your own record-keeping system. Save your receipts and file your tax records, medical documents, and important papers in a way that’s convenient for you.

Make a Yearly Budget
Create a 12-month estimate of your

income and expenditures. This simple document estimation will help keep you on track financially month to month. Make this project an annual tradition.

Develop a Spending Plan
Create a monthly or weekly spending plan to monitor your finances. If you’re married, create the plan together.

Monitor Debt
Watch out for credit cards! It’s best to avoid debt unless it is for housing or education. If you find yourself with existing debt, work to pay it off.

Get Insurance
Make sure you’re insured. Check into life, auto, property, medical, disability and dental insurance. Review your policies annually.

Prepare for a Home
Even if you’re only able to rent, begin to think about home ownership. If you start saving now, you’ll have a down payment prepared when you are ready to settle down.

Plan for the Future
It’s never too early to look ahead. Plan for retirement and begin matching your employer’s contribution to your 401(k). It’s also a good idea to start an investment portfolio.