Money Management Tips
from College Students
Tips about Budgeting
• Set and stick to a budget
• Set a daily, weekly, or
monthly limit for each
type of expense
• Pay attention to your
spending so you don’t
exceed your limit
Tips about Cash
• Only carry a small amount of cash
– A little is better than none (just in case)
– If you don’t have it, you can’t spend it
• Use cash for non-essential purchases
– May help curb your spending
– It’s easier to tell when you’ve reached your
spending limit – because your wallet is empty
Tips about Credit Cards
• Consider whether you really need a credit
card, and don’t get one if you don’t need it
• Use your credit card cautiously
– Only for emergencies
– Only for pre-determined expenses
– Leave it locked up at home during
non-essential shopping trips
Tips about Working
• Work during the summer
and winter breaks to save
money for the school year
• Get a part-time job during
the school year, especially
an on-campus job
Tips about Saving Money
• Take advantage of opportunities to save money
– Find out if there’s a discount for college students and carry
your college ID with you
– Look for coupons, freebies, promotions, and other
bargains online, in your college newspaper, etc.
– Buy things when they’re on sale
• Buy school supplies somewhere besides the campus
bookstore
– It’s easy to overspend on non-essentials at the bookstore
– You don’t need all your supplies to have the university
logo, and supplies without it may be less expensive
Tips about Saving Money
• Save on transportation costs by
using the campus transit system
• Use your meal plan wisely
– Save money on food by eating on campus using
your meal plan
– Only eat out (off campus) as an occasional treat
– Buy snacks in larger quantities instead of one at a
time on campus
Tips about Banking
• Keep a reserve of savings that you don’t touch
and add to it whenever possible
• Check your bank balance regularly
• Be cautious about “banking” amongst friends
Tips about Financial Aid
• Apply for financial aid even if you’re not sure
whether you will take it
• Stay well-informed about your financial aid
package. You should always know:
– How much you’re receiving/borrowing
– Where the money is coming from
– The terms and conditions of the contract (e.g.,
minimum GPA, use of funds, interest rate, etc.)
Tips about Making Financial Choices
• Practice delayed gratification
• Avoid temptation
• Discern between your “wants” and your
“needs” and choose your expenditures wisely
Final Thoughts:
Money Management Advice from College Students
It’s very easy to waste
money, and you’ll go
through it faster than
you expect.
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