40 Money Management Tips

1. 40 Money Management Tips Every College Student Should Know 1 Use limitations: These materials may be used only for nonprofit, noncommercial educational purposes. These materials may not be used in connection with any sale, advertisement, endorsement, or promotion of any service, product, person, or business and may not be sold or offered for sale.

2. Objectives • Become financially independent and self-reliant. • Take control of your money so it doesn’t control you. • Determine your financial needs for the future. 2

3. Getting Started • Define financial goals. • Make plans to reach your goals. • Take action until your goals become reality. • Set limits. • Get organized. • Protect your identity. 3

4. Checking Accounts • Easy, safe to use, and less expensive than check-cashing services. • Research to find the best bank or credit union for you. • Keep track of your expenses so you don’t overdraw your account (by bouncing a check, for example). • New overdraft opt-in bank rules do apply to debit cards and ATMS, but not checks or auto bill pays. 4

5. Financial Aid • Read your financial aid documents carefully and be aware of all obligations. • Keep looking for new scholarships, grants, and opportunities for work study. • Communicate frequently with the financial aid office on campus. • Watch out for scholarship scams. 5

6. Student Loans • Student loans are an investment in your future, but they put you in debt. • Keep looking for scholarships and grants. • Use student loan money only for school expenses. • Understand the terms of the loan. • Loans must be repaid! • Complete a FAFSA or if there is a change in your family’s circumstances (lower income, job loss, etc.) every year. • Talk to a financial aid officer if you are in financial trouble. 6

7. Jobs in College • Working during college can help you: • Increase spending money. • Build your resume. • Take less in student loans. • Look for jobs on campus that are flexible with students’ schedules. • Turn a hobby into a money-making endeavor. • Take advantage of the career center. 7

8. Dorm Life • Living in the dorm can be fun, but stressful. • Food is usually a large student expense. • Choose the right meal plan. • Buy snacks in larger quantities at the grocery store. • Use the campus computers and free printers. • Communication about money issues is key. 8

9. Apartments • Compare all of the costs of dorm vs. apartment. • Pay your rent on time. • Keep lines of communication open with your landlord about financial problems. • Set ground rules with your roommates regarding money issues. 9

10. Cutting Expenses • Don’t let your friends pressure you into unnecessary spending. • Recognize needs and wants. • Look for ways to save money. • Use student discounts. • Take public transportation, walk, or bike. • Look for student discounts on car insurance. • Create a budget and stick to it. 10

11. Ways to Stretch a Dollar • Stock up on snacks to avoid vending machines. • Buy used textbooks, clothes, furniture, etc. • Cut out costly habits, such as coffee drinks. • Avoid rent-to-own stores, pawnshops, and check-cashing stores. • Shop from a list and use coupons. • Limit your song, ringtone,and app downloads. • Go to free on-campus movies or check out DVDs from the library. 11

12. Credit and Debt • Build good credit by paying your bills on time. • Maintain control of your credit card. • Have only one credit card account. • Shop around for the best rates and fees. • Pay your entire bill each month. • Seek help sooner than later. 12

13. Saving and Investing Money • Make your money work for you. • Take advantage of compound interest. • Pay yourself first. • Research investment opportunities that are right for you. 13

14. Review • Make plans for your future and finances. • Identify the steps you need to take to get there. • Find ways to increase income and decrease expenses in order to reach your goals. 14