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)
#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 moneymaking endeavor
– Baby-sit, design your own clothes, fix computers,
photograph a friend’s wedding or special event, or
tutor!
Increase Your
Income!
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
#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
Apartment
Issues
#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!
Needs and Wants
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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