10 Cash-Smart Tips for College Students
Managing money may not come naturally, but it does pay off. Here are 10 surefire ways to start you on the path to financial security.
10. Where does it go?
It’s easy to go to the ATM (another twenty missing) and not track the money
you’re taking out. Set a limit on how much you take out each time and how many
times per week.
9. You download music, why not your account balance?
With online access to your accounts it’s easy to check your balance and see what
transactions have been processed. If you use online banking, make sure your
financial institution has a good system.
8. Create a spending plan to control your money.
Write down your fixed expenses such as rent and utilities. Then account for debt
payments and some savings. You can use what’s left for fun, so plan for it. A
good example of a college budget work sheet is at uwcu.org/planning/collegespending.asp.
7. What’s in a name?
Whether buying beverages or clothes, look for bargains. Name brands don’t always
mean an item is better—remember that $250 sweater that fell apart?
6. Stay out of the red.
This is simple—don’t spend more than you take in. And remember, student loans
aren’t income: Borrow what you need, not what you can.
5. Split it.
Dating can get expensive, but this is the 21st century. Take turns buying dinner
or movie tickets.
4. It’s always on sale.
Believe it or not, where you shop makes a major difference in what you spend.
Avoid convenience stores and try shopping at discount stores. You’ll be amazed
how much you’ll save.
3. Don’t make a run for the border (every night).
Eating out adds up. Cook dinner several nights a week and share the
responsibility with roommates to cut down on the time commitment.
2. Stash some cash.
Do yourself a favor—try to put away $10 a week for one semester. Use this as an
emergency fund when you’re in a jam.
1. Keep the credit card balance low—like at ZERO.
What you owe adds up, and interest accumulates quickly. Paying off credit card
bills each month helps keep your cash flow steady and
helps your credit record. Remember—your future employer may be watching.
For other articles on financial management for students, visit http://buy.cuna.org/static/cpf_financialu_file.html
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