25 Money Management Tips Every College Student Should Know

1
25 Money Management Tips Every College Student
Should Know

• Financial Wellness tips from CashCourse and
• LiveWell UC San Diego

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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

3
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

4
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

5
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)

6
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!

7
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 student discounts
• No need to pay 11 for a movie when you can see
  it at Price Center for 3
• 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

8
Apartment Issues

• 16- Set ground rules regarding money
• Talk with your apartment-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

9
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 FREE 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!

10
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 a cash advances unless for a SERIOUS
  emergency

11
HELP!

• 25- Get help if you get into debt trouble
• The Financial Aid office can counsel you in your
  options
• fao.ucsd.edu