The fall semester is in full swing! As you begin navigating new class schedules and balance the demands between work, school, and fun it is important to make sure you are financially set for the semester. College is synonymous with students assuming a greater responsibility for managing their own money – many for the first time. Here are some helpful tips to make sure you start the school year off right!
Take control
Take control of your finances from day one. It is easy to neglect our finances, but it is imperative to begin good money habits now. College is great place to establish your own financial identity and take charge of your personal economy. The good money habits you start now will continue to apply past college.
Create a budget
A budget is key to financial success! Begin with identifying your monthly income sources (i.e. savings, wages, allowances, student refunds, or other resources). Then determine your monthly expenses (i.e. rent, utilities, school supplies, food, leisure activities, etc.) You can do this by going through your bank statements, collecting receipts, writing down purchases, or using https://www.mint.com/, a free site that sorts your debit/credit card transactions into categories. Although these expenses may fluctuate from month to month it is important to begin tracking them for proper planning.
Use, don’t abuse credit cards
College is a great time to start building credit. However, it is important to understand the benefits and responsibilities of credit, and know the difference between credit building and overextending. A credit card is a loan, not free money! You have to be able to repay the debt that is incurred. Ideally you want to pay any outstanding charges in full and on time. If you do not pay the entirety of the balance on time you will accrue interest charges and late fees, in addition to the principal. Compare interest rates, annual fees, and be sure to read the fine print regarding introductory incentives. Visit http://www.k-state.edu/pfc/credit/ to find more tools and resources for comparing potential credit cards.
Keep Track
Make it routine to check in with yourself. Set a reminder on your phone to review your budget and spending for the month. Our financial lives are always changing so be sure your budget is being reviewed regularly to reflect these changes. Keep records of your spending, and continue to keep making good money decisions!
Look for ways to save
Take advantage of student discounts from the local businesses. Be on the lookout for local advertisements around town and on campus. Check online for student deals on travel, food, clothing, books, entertainment, etc. Make a list before going to the grocery to avoid buying what you don’t need and clip coupons online.
For more information on these financial topics and more make an appointment with Powercat Financial Counseling. We offer free and confidential peer-to-peer consultations on campus. Visit our website at www.ksu.edu/pfc to schedule an appointment!
Emily Koochel
Graduate Assistant
Powercat Financial Counseling
