19 Tips for College
Financial Advice for Young Adults
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
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
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
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
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.
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.
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