Post on 29-Mar-2015
25 Money Management Tips Every College Student Should Know
Financial Wellness tips from HCC’s Student Support Services
Take Charge of Your Life and Your Money
#1- Create a budget and stick to it–Know how much your monthly income is and your mandatory bills
#2- Get organized–Save important documents, review your accounts online
#3- Protect your personal information–Make sure to shred all documents with personal information like
your SSN
Banking
#4- Find the best deal for your checking account
– Look for free checking and no minimum balance
– Find an institution that will match savings deposits
#5- Don’t bounce checks– These can hurt your credit history– Before paying bills or making
purchases, check to make sure you have the funds for it
Saving
#6- Learn about savings and investment options
– Money market accounts, CDs, bonds, and mutual funds
#7- Get into the habit of saving
– Learn to set aside an amount every month into your savings to earn interest
Financial Aid and Loans#8- Keep looking for financial aid
– Just because you didn’t qualify your first year, doesn’t mean you won’t ever qualify.
– Submit your FAFSA each year! You can update your FAFSA if your financial situation changes during the year
#9- Use loans as a last resort– If you do need to take out a loan, make
sure it is subsidized (you start paying interest after you graduate)
Increase Your Income!
#10- Look for an on-campus job– Flexible hours, great staff, and convenient location!
#11- Take time now to prepare for your career– Find internships, prepare your resume
#12- Turn a hobby or a skill into a money-making endeavor
– Baby-sit, design your own clothes, fix computers, photograph a friend’s wedding or special event, or tutor!
Cutting Expenses
#13- Use campus computers instead– If you can do without a laptop, there are lots of computers to use on campus– for
FREE!#14- Take advantage of discounts
– No need to pay $11 for a movie when you can get one from Red Box for $1#15- Plug everyday spending leaks
– If shopping is your thing, check out thrift stores!– Cut back on the number of songs you download and stream music for free with
programs like Pandora
Apartment Issues
#16- Set ground rules regarding money– Talk with your apartment/house-mates about
how you will split utilities or food#17- Pay the rent on time
– You will avoid late fees and earn points with the landlord!
#18- Save on snacks– Bring your own food to school and avoid
vending machines
Needs and Wants
#19- Separate needs from wants– When it comes down to it, paying for school and mandatory
bills (like rent) should be priority #1#20- Ditch the car
– Parking on campus is expensive, not to mention the other costs of a car. Opt for cheap public transit instead!
#21- Resist peer pressure– You really don’t need the latest gadgets– If a friend wants an expensive night out, suggest a fun, cheap
night in!
Manage Your Money#22- Keep track of your money
– Whether you balance a checkbook or review your accounts online, make sure you know how much money you have
#23- Avoid credit card schemes– Students really only need 1 credit card.– Pay balances on time and as much of
the whole amount as possible; that will boost your credit score
#24- Re-think credit cards– Think of your credit card as a loan.
“Would I really go to the bank and take out a loan for this?”
– Don’t use cash advances unless for a SERIOUS emergency
“HELP!”#25- Get help if you get into debt trouble
– Financial Aid Office may be able to answer your questions (depending on the issue)
– Financial Advisors (ex: Edward Jones)– Debt Counselors (ex: Debt Counselors of America)
GET CREDIT FOR COMPLETING THIS
WORKSHOP
• CLICK HERE TO RECEIVE CREDIT FOR THIS WORKSHOP