27 Money Tips for College Students

School’s almost back in session, and with it comes life-lessons in money management for students. But personal finance can be easy, even if you’re just starting out. You just have to know how it works.

Money Management

- Join a credit union. Don’t just sign up for a random bank giving away t-shirts or frisbees at registration.
- Don’t get a credit card unless you absolutely need one.
- Avoid non-academic debt.
- Save and then splurge. If you you just have to have something, wait until you can pay cash.
- Pay your bills on time.

Organization and Planning

- Track your spending. Good records will prevent you from getting overdrawn at the bank or charging more than your credit limit. This habit also allows you to detect spending patterns.
- Make a budget. At the start of the month, estimate how much money you’ll receive and decide where needs to go.
- Save your receipts. You’ll need to be able to compare them with statements at the end of the month. And some you’ll need to keep for several years.
- Guard your vital stats. Don’t give out your social security number or your credit card info except to known and trusted sources.

Campus Life

- Buy used textbooks. You’re just going to sell them back at the end of the term.
- Skip spring break. Forget the long road trips. You can have a lot of fun for cheap close to campus.
- Live without a car. Cars are expensive: gas, maintenance, insurance, registration, parking.
- Don’t hang out with big spenders.
- Take advantage of campus activities. Get the most from your student ID!

Personal Life

- Go to class. What you learn and do now will have a profound impact on the rest of your life.
- Get involved. It will help you build skills and form social networks that will last a lifetime.
- Stay active. A healthy body costs far less to maintain than an unhealthy body. You don’t have to do much to avoid gaining weight in college.
- Eat healthy. It’s possible to eat well on a small budget if you know what you’re doing.
- Limit vices. Alcohol and cigerettes are expensive. They are also bad for your body and mind.
- Learn the art of the Cheap Date:
o Take advantage of mother nature
o Go for coffee
o Use CitySearch to track down cheap food and activities
o Attend campus events
- Have fun! Your college years will be some of the best of your life. Make the most of them.

Decision Making

- Make smart choices. Decide what’s important to you, and pursue that. Remember to leave time for yourself.
- Don’t buy on impulse. When you want to buy something, ask yourself “Do I need it?”

Making Money

- Spend less than you earn. Don’t earn much? Then don’t spend much.
- Be an outstanding employee. Good work habits can pay enormous dividends, leading to recommendations and contacts that you can use after you’re out of school.
- Start your own business. Charge cheap rates and exceed expectations. Word will spread. When you’ve built up a customer base, you can raise your rates a little.
- Learn to invest. Find a discount broker and begin making regular investments.

Original Content from Get Rich Slowly