2 answers
Arista
Student
Fayetteville, North Carolina
1
Question
Updated
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How do I go about properly managing money throughout college?
I am going into a medical based school and am looking for any knowledge on how to properly manage my money.
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2 answers
Chloe Mathewson
Management Consultant, Payment and Lending Operations
4
Answers
New York, New York
Updated
Chloe’s Answer
Hi Arista! This is definitely a great thing to be thinking about as you enter school.
Think about your short-term future goals; namely, are you planning to go to graduate school? I am calling this out because you mention your medical-based degree. This will be a big expense on top of your undergraduate expenses. Ensure that if you are taking out loans, you understand the terms and how to defer your student debt for the duration of graduate school.
While you are in school, consider taking on a part-time job if you have time between classes and studying. I did this, and it immensely helped me to cover my expenses (and have a bit of fun!) while in school and beyond. Start with looking at an on-campus job, as they will be the most understanding when it comes to scheduling around your academic priorities.
Other quick money tips:
1. Definitely be sure that you have a debit card set up
2. Consider a student credit card to begin your credit history (ensure you are paying this off every month!!!)
3. Put any savings you have in a high-yield savings account so it grows while it sits!
Best of luck,
Chloe
Think about your short-term future goals; namely, are you planning to go to graduate school? I am calling this out because you mention your medical-based degree. This will be a big expense on top of your undergraduate expenses. Ensure that if you are taking out loans, you understand the terms and how to defer your student debt for the duration of graduate school.
While you are in school, consider taking on a part-time job if you have time between classes and studying. I did this, and it immensely helped me to cover my expenses (and have a bit of fun!) while in school and beyond. Start with looking at an on-campus job, as they will be the most understanding when it comes to scheduling around your academic priorities.
Other quick money tips:
1. Definitely be sure that you have a debit card set up
2. Consider a student credit card to begin your credit history (ensure you are paying this off every month!!!)
3. Put any savings you have in a high-yield savings account so it grows while it sits!
Best of luck,
Chloe
Gaganpreet Kaur
Auditor
12
Answers
Atlanta, Georgia
Updated
Gaganpreet’s Answer
Manage your money carefully during this important time. Track all income sources, such as part-time jobs, financial aid, and family support. Keep fixed costs like housing below 50% of your income. Use your student ID to get discounts on everyday expenses. Follow the 50/30/20 Rule: Spend 50% of your income on needs like rent and groceries, 30% on wants like dining out and entertainment, and save or pay off debt with the remaining 20%.