Starting college is a major milestone—and not just academically. For many students, it’s also their first real test of independence…especially when it comes to money.
Let’s be real—between tuition, textbooks, takeout, and those irresistible campus hoodie sales, it’s easy to spend more than you planned. But the good news? With just a few simple financial habits, you can avoid the classic freshman-year money traps and set yourself up for long-term success (and maybe even impress your future self). Here’s your quick-start guide to being money smart in college:
Make a Budget (and Actually Use It)
Think of a budget as your financial GPS. Without one, it’s easy to get lost. Start by listing your monthly income (allowance, job, financial aid refunds) and subtract your fixed expenses (housing, meal plans, phone bill). Then give yourself realistic spending limits for fun stuff like food, entertainment, and the all-important coffee runs.
Understand the Difference Between Credit and Debit
Your debit card pulls money straight from your checking account—what you have. A credit card lets you borrow money (with limits) and pay it back later. It is a loan and a great way to build credit, but it’s easy to overdo it. Don’t swipe unless you can pay it off each month. Otherwise, you could end up with a balance and a lesson in high interest rates.
Also consider great student checking accounts - like Nymeo's! Do you know we pay for As - even in college. More information here.
Don't Ghost Your Bank Account
Check your balances often. Download your banking app and stay in the know about what’s coming in and what’s going out. Not knowing could mean overdraft fees, declined purchases, or—worse—fraud you don’t catch in time.
Embrace Student Discounts
You’re officially a broke college student. Might as well get the perks! Many brands, restaurants, and even streaming services offer discounts with a student ID or .edu email. Take advantage of them—it adds up.
Avoid the "Buy Now, Cry Later" Trap
Late-night pizza? Sure. Brand-new gaming system or concert tickets on a whim? Maybe not. College is full of temptation. Think twice before making big purchases on a whim—especially with borrowed money.
Start Building Credit (The Smart Way)
Consider a student credit card—but only if you can use it responsibly. Paying off a small balance every month helps build a positive credit history, which you’ll need for things like renting an apartment or buying a car after college.
For additional information, check out our webinar “Tips for Successful Back-to-School Planning”
Category: College and Finances
