11 Money Tips For College Students
Posted on September 10, 2007
It’s September again and time for the fall semester to start back up, and yet again it makes me realize I have only been out of college for three years now. It seems like so much longer. Working for two small growth companies so much changes and evolves in a year, both for the company and individually, and it has created tons of experiences and memories. Staying up all night fixing technical issues, last minute plane flights to help calm troubled clients, and learning the ropes of junior management have all attributed to an at times intense three years. However, thinking back on my college years the way I handled money then and now have become vastly different. I handled some money issues pretty well back then and others served as valuable lessons in which I learned from my mistakes. Here are ten money tips I learned from my college years:
- Use credit cards with extreme caution. This has to be number one. Credit cards are marketed so heavily to college students that it is inevitable that most college students will apply and get approved for one sooner or later. Never in my life was credit so easily available and the temptation to spend so high. My friends and I were going out all the time, and using credit cards was a way of life for some to sustain that lifestyle. Try and get a second job or skip one of the nights going out to ensure you are spending in line with what you have. It is never a good sign to get into a habit of using the credit card to float yourself.
- Organize your expenses. Track your expenses and try to understand early on where your money is going to be spent. Break this down by semester for simplicity.
- Track your income. Know where your money is coming in from. This may include part time work, parents, scholarships, work study, or grants. Try to leave student loans out of this category and treat them more like a loan than an income. Even though it may not feel like it at the time, they will have to be paid back.
- Attempt a budget. Budgets can be a pain, but your expenses can be complex during this time as everything relating to incoming money is irregular. Most people do not have a steady monthly income but rather have savings, student loans, or scholarships paying at specific intervals. Document all income and expenses ensuring you know what is coming in and going out. It can be very easy to let a ton of money go out, not completely understanding what is coming in.
- Save. Almost no one can save while in college because of the high expenses, however saving even a small portion would help make it a habit as well as ensure you have a little something to help if an emergency does arise. Start small. Try just a few dollars each paycheck from your part time job into a separate savings account.
- Get a decent bike. Most college campuses are pedestrian and bike friendly due to the high density of people. Get a bike that is good enough to last you the four (hopefully not five) years for your undergrad. Make sure to lock it up. Theft is incredibly high on and around college campuses.
- Cook at least sometimes. I ate out everyday and often for at least two meals a day. Eating out can at times be necessary with the tight schedules and always being on the go. However, give cooking or packing a meal a shot at least a few times a week and pack snacks for the in between times. I wish I would have learned that a little earlier on.
- Shoot for graduation in four years. That fifth year can add a significant amount of cost to an already expensive degree. Sometimes a fifth year can be necessary if you are pursuing a specific degree, but in most cases four is enough. Research the major extensively before declaring and listen to people more experienced than you for advice. Switching majors can be very expensive.
- Skip the car if possible. A lot of college campuses in urban environments are built for students without cars. Unfortunately going to the University of Central Florida, the campus design made cars a necessity. However, visiting dozens of college campuses since then it can be possible to not have a car.
- Get a job that allows you to socialize. Most people want to go out at night as much as possible in college. Try getting a job as a bartender or server in a favorite bar, restaurant, or club so you can attend for free, make some money, and be out with everyone else. I always wanted to try the bartender thing but never got a chance.
- Know who your real friends are. Peer pressure can be very high during college. If you need to stay home one night to study or just save money and your friends are not understanding, it may be a chance to assess who your real friends are.
Related Posts
How The Student Loan Industry Became Big Business6 Small Businesses I Should Have Started In CollegeCarnival of Personal Finance: 101st Edition» Filed Under Saving, Income, Spending
Comments
5 Responses to “11 Money Tips For College Students”
Leave a Reply
[…] Saving With Me shares 11 money tips for college students […]
[…] 11 Money Tips For College Students by Graham @ Saving With Me. Use credit cards with extreme caution. […]
Great advice! Should be handed out at freshmen orientation in my opinion. I wish it had been at my school.
Great post! Funny how, in hind sight, such observations seem like such common sense–and yet, students emerge with more and more credit card debt out of college every year!
Kyle: I agree freshman orientation should address responsible personal finance more than just what credit card the university recommends.
Means No Cents: I think for most it takes making the mistakes before we truly learn the lesson in regards to personal finance. In my opinion the tight integration of credit card companies on campus in conjunction with the elevated standard of living among the younger generation is a terribly difficult combination for most incoming freshman to survive without going into serious debt. Hopefully through education and awareness some of that will begin to be curved.