Intro to Money Management
Financial Advice for College Students
Successfully handling your finances as a student is never easy ‐‐ especially with the high cost of post‐secondary education and the reduced availability of working hours that go along with pursuing a degree.
However, balancing your checkbook, like acing next week's chemistry exam, is tough but not impossible. Below, we have listed a few practical tips that you can implement into your daily life right now, whether you are an enthusiastic freshman or a forward‐looking senior.
- 1. Consider how loans will impact your future. Most experts recommend capping your total amount of student debt roughly at the amount you plan to make your first year out of school. More than this is simply too likely to lead to unsustainable monthly payments.
- 2. Buy your textbooks used. And, if at all possible, buy online rather than from the school bookstore, as price gouging is surprisingly common.
- 3. Be proactive about scholarships. It is incredible how many wonderful scholarship opportunities go ignored by the vast majority of students who could have qualified for them. There are people out there looking to help you, you just have to make yourself seen!
- 4. Look for internships and other resume‐boosting opportunities now. This will help you pay your student loans and other expenses more easily in the future, after all.
- 5. Be wise about your meal plan. Do you tend to skip breakfast? Do you like cooking your own dinners every now and then? Big fan of eating out? If you aren’t going to be using those meals at the cafeteria, then don’t pay for them!
- 6. Keep a budget. University is the first real taste of freedom for many students ‐‐ and this can be rather overwhelming. Planning out and writing down your weekly or monthly expenses is a good strategy to manage that independence wisely.
Learn more about money management for now and the future by visiting Madison Monroe and Associates online today!