19 Tips for College

Financial Advice for Young Adults

Getting Started

1) Get Organized

Create a filing system to keep track of all your expenses

2) Talk with Your Parents

Make sure you know what your parents expect of you, and what you can expect of them

3) Protect your Personal Information

Be wary of who you give your information to ensure it doesn't get into the wrong hands

Financial Aid

4) Understand your Financial Aid

Know the plan you are being offered, and what you have to do to keep it. Aid can come in the form of loan, job, scholarship, or grant

5) Keep Looking for Financial Aid

Reapply for aid you have not recieved, especially if your financial situation has changed. Aid can still be given to you even if you aren't a freshman. Keep looking online, and communicationg with your financial aid officer for new opportunities

6) Submit a FAFSA

To apply for federal financial aid, you must complete and file the Free Application for Federal Student Aid. It can be completed at www.fafsa.ed.gov.

7) Financial Aid Office

If your financial situation changes, making it harder to make ends meet, talk to a financial aid officer. They can help you get the funds you need to get through a hard time

Getting a Job

8) Know your priorities

Make sure you can balance school and work and find a job that fits into your schedule

9) Prepare for your Career

Finds jobs while in college that are in the field you are studying. This can advance your career plans for after you graduate

Dorm Life

10) Choosing a Meal Plan

Find the right meal plan for the dorm's cafeteria which fits your eating habits.

11) Communicating with Your Roommates

When you move in, set the ground rules with your roommate with how to deal with money issues

Cutting Expenses

12) Make a budget

A budget can help you keep track your monthly expenses

13) Resist Peer Pressure

Resist peer pressure to spend money you don't have, always keep in mind your long-term goals

14) Separate Needs from Wants

Prioritize what you need to buy from what you want to buy.

Credit and Debt

15) Build Good Credit

By paying for expenses on time, such as loans and bills you can build good credit. This can help you in the future with taking out loans for purchases

16) Manage Your Credit Cards

Many on campus vendors offer credit cards for their businesses. If you choose to get credit cards, make sure you understand what is required of you to prevent falling into credit card debt.

Saving and Investing Money

17) Make Good Saving Habits

Start by saving in small increments, over time those small amounts will add up to a one large sum of money

18) Pay yourself first

Put money into a savings account first before you spend elsewhere

19) Know Your Options

There are numerous options for saving and investing accounts. By knowing what your options are, you can choose the right account for you