Say it with me now…”Inflation! Inflation! Inflation!” It is no secret that while pursuing a college education, money will be scarce. College is often a time when students cannot work much if at all, and yet have so many expenses to take care of. If you throw inflation into the equation, it can spell a recipe for disaster. Good financial hygiene is important now more than ever, to stay afloat in this whirlpool we call the U.S. economy. Based on my current college experience I have learned some “do’s” and “don’ts” of managing my finances.
Let’s start with the “do’s.” Firstly, do some scholarships, matter of fact do as many as you can find. By applying to as many scholarships as possible, you increase your chances of landing at least one. Secondly, “do” establish a weekly budget. If there is one thing I have learned, it's that it costs to just exist. There are some expenses that cannot be avoided, so make sure to budget for things like tuition, transportation, school supplies, and groceries. Get used to living below your means for this specific season of life. Thirdly, “do” some internships. Not everything is about instant gratification, doing internships may not guarantee you instant money, but it can set you up for a very lucrative career or other paid opportunities.
Shifting gears, let’s talk about the “don’ts.” Firstly, “don’t” blow all your money on housing. If possible try taking some of your classes at a community college because while living at home may hinder your social freedom right now, it will enable you to have financial freedom later. Secondly, “don’t” take out more loans than your future career can pay back! As much as tv shows glamorize the idea of having an extravagant college experience, with lots of parties and exotic spring break destinations, it can be tempting to take out large student loans to fund that lifestyle. However, television is not reality and loans must be paid back at some point. If you are going to take out a loan, only take out what’s necessary to cover tuition and educational materials because usually those expenses can be paid back relatively fast once you enter your career. Speaking of splurging, “don’t” use your refund check to splurge on miscellaneous items! Instead of rushing to the mall when the refund checks are released, it is best to put the majority of the money back into savings and put it towards next semester's tuition.
In conclusion, money management is not always fun, but it is necessary to survive college. When it comes to finances, it is best to think rationally and not act on impulse. Personally, I try to educate my peers on financial tips as I learn them myself. In today’s day and age, social media is a hub for spreading information, so I often post financial advice on my Instagram story and on my Tik Tok account. In my opinion, college students need to stick together when it comes to financial literacy because the financial odds are not in our favor. I plan to continue using social media to spread the word, because knowledge is power, and the more people who can receive financial knowledge, the better.