13 money management tips for college students

1. Track your money. Once you realize how muchBudget for a month at a time but set aside some
impulse buying and other indulgences cost you, it willtime to review your finances each week.
be easier to tell yourself "NO!"6. A budget is like a money diet. Just because you
2. Be frugal. Going to the movies, riding the bus, orbust it today, doesn't mean you can't start if again
even ordering pizza might cost less if you show yourtomorrow. If you go over budget this week, next
student I.D. Check travel fares for student discountsweek commit to staying under budget.
on bus and other commercial transit services as well7. Build an emergency fund. Save change in a piggy
as student discounts when you need to travel by air.bank or jar. Deposit $5.00 a week from paychecks in
3. Stay financially secure by using caution.a savings account when you cash your check.
Don't give anyone your Social Security, credit card, or8. Get a money calendar. Any calendar with big
bank account numbers unless you know why theywindows with room to write in amounts will do. Use
need them.the calendar windows to note:
Never give a pin number to anyone!Due Dates for scholarship and grant applications. Keep
Don't leave bill payment envelopes at your mailbox.applying for financial aid all the way through college.
Drop them in a postal mailbox.Missing an application deadline is the most common
Review credit card statements, bank statements,mistake students make when applying for
phone bills, etc. for unauthorized use.scholarships.
Avoid scholarship scams. Real scholarships neverUpcoming school expenses (books and tuitions).
charge fees and application information is availableBill payment dates.
and free to everyone.Upcoming activities where you'll need cash. (Movies,
4. Keep only one major credit card and use itdances, parties, etc.)
sparingly. Set your own credit line and don't charge9. Make bill paying easier by filing your bills by due
more than you can comfortably repay. Just becausedate.
you have a $2,000 credit line doesn't mean you have10. Buy books when you need them. Compare online
to spend $2,000. Pay cash when you can and if youprices with those at campus bookstores. Buy used
like the convenience of plastic, check into getting abooks when you can. Check bulletin boards and
bank debit card.school newspapers as well as used bookstores and
5. Keep a personal budget. Round up your availableonline used booksellers.
cash including gift money (if you're a recent high11. Put your roommate in your financial planning. If
school grad), scholarship money, student loans,you can, contact your roommate before the
summer job savings, and money from your parents.semester starts and decide how you'll divide
You may want to designate types of money forexpenses like groceries and phone hook-up charges.
certain uses.12. Talk to your parents about who pays for what.
For instance: Think of student loans as an investmentFind out what you can count on from them and
in your education and your future. Use student loanwhat you will be responsible for.
funds only to pay school expenses like tuition and13. Ask for help when you need it. If you run into a
books.financial disaster, call home and let your parents know
Use money from home for things like groceries andyou're in trouble. If an unexpected event changes
phone bills.your home financial situation, don't give up on school!
Give yourself an allowance. Track your spending toFirst, talk with your financial aid office. Most colleges
find where your money goes and then chooseset aside funds to help students get through difficult
between your wants and real needs.situations.