Money Management

Wednesday, April 3, 2024

There is no better stereotype than the broke college kid, and yes, the struggle is 100% real. However, there are ways to learn how to manage your money appropriately that will benefit you now and in the future.

5 Tips for Managing Your Finances as a College Student:

Start with the right bank accounts.
1. It’s a necessity to have accounts that support your everyday financial needs. Generally, these accounts are a checking and savings account.
Create a budget…and remember accountability is key!
1. Even if you don’t have a regular income, budgeting is a great habit to start now! Assigning each dollar helps you to ensure you’re meeting your financial obligations. There are several budgeting apps available to you – NerdWallet is a highly recommended, free option! You can also utilize your favorite Microsoft app and create a spreadsheet personalized to your needs.
Manage Your Credit Responsibly.
1. As a college student, having your own credit card is probably new territory. Trust me, I find myself fighting the temptation of swiping mine endlessly, even now after building my credit score for a few years now. The key for me is to create boundaries. For example, only use your credit card for gas and groceries in the beginning to ensure you are able to pay it off each month.
Start Saving NOW!
1. Listen I said it too, you probably feel like you have no money to save right now, but building a savings account now is crucial for your future. We’ve all heard of the 50-30-20 rule, which is a great start. If you can’t make that work for yourself then take a look back at the budget we talked about and assess what will work for you. Just remember, great budgeters pay themselves first!
Avoid Impulse Spending.
1. Amazon and I are old pals, but as I began to think about my future and my finances, I had to create some boundaries with my online shopping habits. Some great advice I was given was to create a 3-month wish list. Any item I saw something I felt I had to have would be added to the wish list. After 3 months I went back and reevaluated if I still wanted the item. If I did, I bought it, but if I no longer felt the need to purchase it then I just saved myself some cash.

Real Talk

For some of us, this blog alone could feel a little intimidating. According to recent surveys completed nationwide, 73% of college students have experienced financial difficulty while enrolled. If that’s you, OSU offers a lot of resources for students.