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I want to set myself up to be financially stable during and after college. From your experience, what steps would someone my age take to build a strong financial foundation?

I am trying to make smart decisions now to be more financially stable in the future. Can you provide some tips?

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Angelie’s Answer, CareerVillage.org Team

It's great that you're thinking ahead about financial stability, which can be especially important throughout college when it's more difficult to find time to prioritize things outside of school work. The best place to start is to have a clear understanding of your income sources and expenses throughout the year. Some questions to ask yourself:
- Will I be working part-time during the school year? Working an internship? Or both?
- If the former, can I get a job on campus that is flexible/understanding of student life to help avoid burnout?
- What expenses will I be paying for myself (not covered by scholarships, stipends, or parents)?
- What type of lifestyle do I want? (Commuting to school and living at home, living off campus vs dorm, etc.)
Asking yourself these questions and having a clear picture of what you want out of your college experience will help you strategize where to allocate your funds.

If you're worried about having a security net, look into saving up for Emergency Funds or sinking funds. They're not a specific type of account, but rather a strategy for building financial security and preparing for expected and unexpected expenses (ie. taxes, car insurance, unexpected medical expenses). Having an emergency fund could be helpful if you have a particularly difficult semester coming up and want to be able to take time off work. That way, you can focus on your studies without financial stressors.
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