By Staff Writer: Jamiliere Luranc Sweeney
For many students, managing money is a new responsibility that can feel overwhelming. However, understanding and managing your personal finances is one of the most important skills you can develop at college. Learning to budget, save, and borrow responsibly now will set you up for long-term success.
The foundation of financial literacy is budgeting. Track your income and expenses for a month to see where your money really goes. This makes it easier to cut back on extras and put more toward essentials or savings. If spreadsheets aren’t your style, there are tons of free apps that can build a budget for you.
Small amounts add up when it comes to saving. Putting away even $10 a week creates a safety net for unexpected costs like medical bills or car repairs. Placing savings in a high-yield savings account allows money to grow faster while remaining accessible.
Credit is another key area. Building a strong credit score during college makes it easier to rent an apartment, get a car loan, or qualify for lower interest rates later. A low-limit student credit card can be useful if you pay it off in full each month and spend only what you can afford. Otherwise, high interest rates can quickly lead to debt that takes years to repay. If you’re not ready for a credit card, paying bills and loans on time also helps build credit.
The good news is you don’t have to figure it all out alone. There are tons of free educational programs offered both online and on campus.
Financial literacy isn’t about having a lot of money; it’s about making informed choices with what you do have. The earlier you start, the more freedom and stability you’ll enjoy after graduation.