25 Money Habits for College Students

Congratulations, you're an adult and heading to college!  There's no time like the present to start making smart financial decisions. Start by getting serious about your financial health. Manage your money and build spending habits that will set the stage for financial success in your future.

1. Take Charge:  Set goals for your time in college and refer back to them when you feel yourself slipping into bad money habits.
2. Set Ground Rules: Discuss financial expectations with your parents or guardians: what they'll cover vs. what you’ll pay for.
3. Get Organized: Stay on top of important financial and financial aid documents, and create a filing system to keep them in order. Designate a specific space in your dorm or apartment for safekeeping these very important papers.
4. Lock It Up: You have roommates and they have friends you don't know, so be sure to keep sensitive information (like SSN, account numbers) in a secure place to avoid identity theft.
5. Know Your Account Features: Make use of features like online banking, e-alerts and Bill Pay, and know your account's fees and requirements.
6. Don’t Bounce Checks: Track your spending carefully to avoid overdrafts, as available balances may not reflect pending transactions.
7. Be Smart About Choosing Your Meal Plan: Select the meal plan that fits your needs and, most importantly, use the meal plan instead of opting for fast food to help you avoid extra spending.
8. Save On Snacks: Buy snacks in bulk to avoid overpriced vending machines, and keep some in your room or backpack.
9. Resist Peer Pressure: Stick to your financial goals and say "no" to expensive activities that don’t align with your budget.
10. Ground Rules for Roommates: Set clear expectations with roommates about household expenses and responsibilities, and avoid lending them money.
11. Avoid Developing Bad Spending Habits: Don't take up costly habits like smoking, expensive coffee, gambling, or unnecessary subscriptions that can lead to overspending.
12. Pay On Time: Always pay bills on time to avoid late fees and damage to your credit score.
13. Separate Needs From Wants: Make spending decisions based on necessity rather than desire. Prioritize needs over wants.
14. Student Discounts For The Win: Take advantage of student discounts at various stores and services to save money. They are out there, and some companies don't heavily advertise them. Seek them out to save on expenses.
15. Avoid Random Credit Card Offers: Don't fall for campus credit card promotions. Avoid taking on high-interest debt.
16. Build Good Credit: Use a single credit card responsibly, pay it off each month, and avoid cash advances or unnecessary fees.
17. Transportation Tips: Walk or bike to save on parking and gas. If you need a car, combine errands to reduce costs.
18. Part-Time Employment: If you need extra money, find a part-time job that won’t interfere with your studies. Be sure to check with your financial aid office first!
19. Keep Up Your Saving Habits: Continue to put money aside in college, even if it's only a few dollars a month. Even small contributions to an emergency fund can help in times of need.
20. Avoid Scams: Be cautious of scams targeting young adults, especially those asking for personal or financial information. These can include, but are not limited to, Fake Social Media Links, Job Scams, Romance Scams, AI-Voice or Deepfake scams, Scholarship Scams, and texts or emails with links to malware.
21. Prepare Now For Your Future Career: Use campus resources like career fairs and interview prep to start building your career network and skills.
22. Understand Your Financial Aid: Know what’s included in your financial aid package, if it’s a scholarship, grant, or loan you’ll need to repay, and whether your grades will have an impact on your financial aid eligibility.
23. Seek Out Scholarship Opportunities: Talk to your financial aid office to find and apply for scholarships every year. They are there to counsel and advise you, so let them help!
24. Beware of Scholarship Scams: Don’t pay for "guaranteed" scholarships. Legitimate ones are free to apply for and have clear contact info.
25. Net Worth Does Not Equal Self-Worth: Value yourself for your character and achievements, not just financial success. Control your money, don’t let it control you.