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)

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