Advice for a New College Student?

[Vriska]

Hello!

I just signed up because, as an incoming college freshman, my goal is to become financially literate as I progress through my college years and beyond. I got my first credit card in the mail yesterday (Discover it for Students) and I realized that I know squat about money, especially saving money! I have mostly volunteered throughout my high school career, but will hopefully be landing a job on campus next fall, so I figured I'd better start now!

I was wondering if you guys could share any advice, or perhaps link to any threads that are particularly helpful. I would truly appreciate it.

[bjl584]

Don't use the credit card for anything that you can't pay for by the time the bill is due.

Get a job on campus and don't spend all of your money on beer and pizza.

Study hard and pick a major that has marketability and income earning power upon graduation.

Hang around these forums and read through some of the threads and postings to keep learning about money.

[green_goblin12]

1. Pick a marketable major in an in-demand field.
2. Get a job. Most of the kids I knew in college who had no job and whose parents supported them struggled the most. Most dropped out.
3. Don't go into debt; use minimum amount of student loans possible, if necessary
4. Graduate.

[disneysteve]

Don't spend money you don't have on things you don't need to impress people you don't like.

First rule is to be the best student you can be and earn a degree in 4 years that will actually land you a good-paying job when you finish (or get you into a good graduate program). Borrow as little as you possibly can along the way.

It's okay to use that credit card but never charge more than 30% of your credit limit and always pay the bill in full each and every month and pay it on time. Don't be late. Don't carry a balance. If you can't afford it without the card, you can't afford it with the card either.

[snafu]

How wonderful to be planning the next big life marker. Really smart to start learning about money management. Do you know the interest rate on your Discovery card? Check out no fee low interest CCs to compare with Discovery. How are you funding post secondary education? If you need student loans I suggest you pinch every penny because you'll be paying back for a long time and it will affect every post grad decision.

I add my voice to others having observed that students with jobs managed time more effectively; working is a high volume restaurant offers potential for substantial tips around $ 100. per 4 hrs. excluding tip-out if you're good at up-selling.. It sounds awful but you really need to know where the money goes. I suggest using a tiny notebook to jot down all spending since that task makes you mindful of $$$. I suggest working out a spending plan that covers basic regular expenses [needs] like rent, food card, cell ph., transportation plus a specific sum for [wants] entertainment/dating/events/eating out & socializing. Once the sum designated for 'wants' for the month is spent, it ends spending in that category until the next month or extra work/extra income can replenish that 'envelop.'

PS if you haven''t researched the thousands of grants, bursaries, awards, scholarships available to you, you can apply for 2, 3, 4th year etc. Even more important than the money is the Award listed on your Resume.

[greenskeeper]

get rid of the credit card

I got through college poor but debt free (aside from student loans) without a credit card.

Heck I know friends still paying college debt and it's going on 13 years since we graduated.

I paid my student loans (which were 1/2 of my tuition cost, other half paid with cash) within 5 years of graduating.

[MonkeyMama]

At this stage in the game, all you really need to know is pay off the credit card monthly, and get a job. What wait until fall to get a job??? (I personally always worked more in summer so that I did not have to work as much during the school year).

[feh]

At your age, and since you're just starting college, I'd focus on two things: never carry a balance on your credit card (always pay in full each month) and learn to live frugally.

[DavidB4]

Save Money Everyday

This is brilliant for College Students: save money everyday forever with a Hand Held Bidet Sprayer. How many times have/will you run out of toilet paper especially in the Dorms?! The Hand Bidet Sprayer will pay for itself many times over in toilet paper savings which makes this a very smart and green thing to do while providing superior hygiene at the same time!

[YLTL_Dan]

I really hope the last post (hand held bidet sprayer) doesn't get erased - probably the funniest thing I've seen in a long time! It's actually somewhat relevant for us now as we're traveling through SE Asia and they have the "sprayers" everywhere... I think I'd stick with toilet paper .

You're getting some great advice so far - I especially agree with getting a degree that'll provide a good return (salary). Too many people go the easy way out with an easier degree that'll hurt them in the long run.

[disneysteve]

I really hope the last post (hand held bidet sprayer) doesn't get erased - probably the funniest thing I've seen in a long time!

Ok, I'll leave it here for a bit. I just deleted the link. If the poster continues to spam the site, though, I'll have to remove it (and him).

[scfr]

Getting through college with zero debt (or as close to zero as possible) will get your post-college life started on the right foot. How will you pay for tuition, room & board, books, and misc expenses? Will you have to take out student loans? If so, could you reduce the amount you need to borrow by pursuing scholarships or grants?

Start earning some money - Why not get a summer job or two right now?

The suggestions to start tracking your expenditures and if you use a credit card make sure you already have the cash on hand to pay off the balance each month are excellent.

Focus on being a well-balanced student. Studies and grades are very important. But so are athletics/health, extracurricular activities, social life, work, and your spiritual life if you are a religious/spiritual person. The valedictorian of my class graduated with a 4.0 but he was locked away in his room the entire time, hardly anyone knew who he was, and he struggled to carry a conversation.

Having said that, it IS indeed important to graduate within 4 years (3-1/2 if you can swing it).

[Vriska]

My genuine thanks for all of your advice. I will definitely follow as much of it as I can, and will go through great pains (...starvation in college...) to make sure I don't get into debt.

Thanks again!

[moneymaker23]

I havent really know what could be the feeling of being like you. When im high school and college days. My parents are the one who pay all my school bills, also, we cant work here in our country if we are still not in age 18 above. But, what you really thinking right now is the best, its not for today but for your future. Always be money wise, dont spend too much money to some unimportante things.

[Jerry91]

Rather than using the credit card, use cash! Pay for your shopping through cash so that you know where you are spending the money. Formulate a budget for yourself. You should also know how to control your expenses so that you can manage your budget better.