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For My Old Students About to be New College Students!

August 10, 2011

I read an interesting article this morning concerning the finances of new college students. Since I just taught a bunch of graduating seniors who are headed to college in a few weeks, I thought I’d share:

http://moneyning.com/frugality/three-frugal-living-tips-for-college-students/

 

Let me add a few thoughts (above and beyond what is in the article):

1. While in college, you’re working on (among other things) making yourself more able to earn a living and provide for a family and future endeavors. One huge mistake college students make is going so deep in debt that they have to spend the first few “earning years” living paycheck to paycheck because of a high credit card balance. Don’t make that mistake.

2. One of the expenses in college that will break your bank is eating out. It is so easy to do, so convenient, and before you know it, you’ve eaten out more than 12-15 a week. At $6-$8 a meal, this amounts to around $120 a week…almost $500 a month if you’re not careful! Learn to make a grocery list, stick to it, and cook for yourself. Then, allow yourself to go eat for for more social occasions every once in awhile, not everyday out of necessity.

3. You are one step away from the next phase of your life, which, for my students, is probably one or two of three things: A Church Mission, a Marriage (probably children a few years later), or a Full-Time Career-type Job. You’ll hobble yourself if your finances are a wreck prior to engaging in these activities. At the very least, loan officers and employers check credit scores…so don’t make yourself look bad.

Good luck! You’re about to have the time of your life!

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