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As an incoming college student, I want to avoid making common money mistakes. What financial habits or routines do you wish you had developed as a freshman that would have made budgeting, saving, or managing expenses easier later in college?
I'd like to know what expenses might catch college freshman off guard. I also would like to hear about things to avoid overspending on or even spending money on at all.
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Ishaq’s Answer
Great questions, i think you are already ahead of the game by thinking this way. When i was in college a lot of us did not have money, you learn the difference between needs and wants. Avoid debt and living above your means, with that said create as much experiences as you can, most of the best experiences are free.
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Nuresebah’s Answer
Hi Adria,
I'm glad you asked this question. I had similar concerns when I started college. One important tip is to be cautious with credit cards. Many students struggle with this, so while it's good to build credit, avoid going into debt. Try to pay off your balance each month to steer clear of interest charges.
If you're eligible for work-study, definitely take advantage of it. It's a fantastic way to get involved on campus and earn some extra money. Also, I suggest visiting the financial aid office every year to inquire about additional funding. I did this each year, and because I kept a strong GPA, I often received more aid. It never hurts to ask—the worst outcome is a no.
I'm glad you asked this question. I had similar concerns when I started college. One important tip is to be cautious with credit cards. Many students struggle with this, so while it's good to build credit, avoid going into debt. Try to pay off your balance each month to steer clear of interest charges.
If you're eligible for work-study, definitely take advantage of it. It's a fantastic way to get involved on campus and earn some extra money. Also, I suggest visiting the financial aid office every year to inquire about additional funding. I did this each year, and because I kept a strong GPA, I often received more aid. It never hurts to ask—the worst outcome is a no.
Updated
Vidhyasagar’s Answer
Try to avoid college debt whenever you can. If your schedule allows, get a part-time job to earn money and learn how to manage it wisely. Avoid spending on expensive items, and see if you can start investing, even if it's just $10 a week.
Updated
Mary’s Answer
Make the most of your dining plan by eating at the dining hall with friends. Avoid spending extra on coffee, energy drinks, or food delivery, as these costs add up.
For course materials, wait until classes begin before buying books. If you need a physical book, consider getting it second-hand to save money.
If you're borrowing through Federal Student Loans, you might get a "refund" after tuition is covered. For example, if you borrow $5,000 but only need $3,000 for tuition, you'll receive a $2,000 refund. It might feel like extra cash, but remember it needs to be repaid with interest. If you don't need it, consider returning it. If you do, use it wisely for essentials like housing, books, or transportation.
Enjoy the social side of college but set a weekly budget for outings and stick to it. Avoid using an emergency credit card for late-night snacks or nights out.
If you can, consider a part-time job to help with expenses.
For course materials, wait until classes begin before buying books. If you need a physical book, consider getting it second-hand to save money.
If you're borrowing through Federal Student Loans, you might get a "refund" after tuition is covered. For example, if you borrow $5,000 but only need $3,000 for tuition, you'll receive a $2,000 refund. It might feel like extra cash, but remember it needs to be repaid with interest. If you don't need it, consider returning it. If you do, use it wisely for essentials like housing, books, or transportation.
Enjoy the social side of college but set a weekly budget for outings and stick to it. Avoid using an emergency credit card for late-night snacks or nights out.
If you can, consider a part-time job to help with expenses.