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Money Management Tips from College Students

Money Management Tips from College Students. Tips about Budgeting. Set and stick to a budget Set a daily, weekly, or monthly limit for each type of expense Pay attention to your spending so you don’t exceed your limit. Tips about Cash. Only carry a small amount of cash

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Money Management Tips from College Students

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  1. Money Management Tips from College Students

  2. Tips about Budgeting • Set and stick to a budget • Set a daily, weekly, or monthly limit for each type of expense • Pay attention to your spending so you don’t exceed your limit

  3. Tips about Cash • Only carry a small amount of cash • A little is better than none (just in case) • If you don’t have it, you can’t spend it • Use cash for non-essential purchases • May help curb your spending • It’s easier to tell when you’ve reached your spending limit – because your wallet is empty

  4. Tips about Credit Cards • Consider whether you really need a credit card, and don’t get one if you don’t need it • Use your credit card cautiously • Only for emergencies • Only for pre-determined expenses • Leave it locked up at home during non-essential shopping trips

  5. Tips about Working • Work during the summer and winter breaks to save money for the school year • Get a part-time job during the school year, especially an on-campus job

  6. Tips about Saving Money • Take advantage of opportunities to save money • Find out if there’s a discount for college students and carry your college ID with you • Look for coupons, freebies, promotions, and other bargains online, in your college newspaper, etc. • Buy things when they’re on sale • Buy school supplies somewhere besides the campus bookstore • It’s easy to overspend on non-essentials at the bookstore • You don’t need all your supplies to have the university logo, and supplies without it may be less expensive

  7. Tips about Saving Money • Save on transportation costs by using the campus transit system • Use your meal plan wisely • Save money on food by eating on campus using your meal plan • Only eat out (off campus) as an occasional treat • Buy snacks in larger quantities instead of one at a time on campus

  8. Tips about Banking • Keep a reserve of savings that you don’t touch and add to it whenever possible • Check your bank balance regularly • Be cautious about “banking” amongst friends

  9. Tips about Financial Aid • Apply for financial aid even if you’re not sure whether you will take it • Stay well-informed about your financial aid package. You should always know: • How much you’re receiving/borrowing • Where the money is coming from • The terms and conditions of the contract (e.g., minimum GPA, use of funds, interest rate, etc.)

  10. Tips about Making Financial Choices • Practice delayed gratification • Avoid temptation • Discern between your “wants” and your “needs” and choose your expenditures wisely

  11. Final Thoughts: Money Management Advice from College Students It’s very easy to waste money, and you’ll go through it faster than you expect.

  12. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.

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