25 Money Management Tips Every College Student Should Know Financial Wellness tips from HCCs 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- Dont 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 didnt qualify your first year, doesnt mean you wont 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 friends 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 dont 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? –Dont 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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