Live & Learn: Managing Money

One of the biggest problems that college students deal with is managing money. If you haven’t said something along the lines of “I’m so poor” in the past week, you are one of the lucky ones.

Since my first year here at Utica College, money has definitely been one of my biggest concerns. One month I have all the money in the world and the next month I have less than fifty cents. It is a really sad time when you see that your bank account is less that $1.00. In a way, you might be proud of yourself for preventing your account to overdraft but it realistically is a very sad time. It is important to be consistent with how you spend your money.

Here are some tips that I have learned over the past few years:

  • Put at least 25% of your paycheck into a saving account.
  • Figure out what you want to save up for so you have motive to save.
  • If you have any credit cards, don’t use them – just kidding, just make sure you are going to have the money to pay them off. This is the best time to starting building credit and you want to make sure you are starting out on a good note.
  • Keep track of your spendings. I use this app called Mint that links to my bank accounts and shows me what I am spending my money on. It will definitely allow you to see what you can improve on financially.

I would love to talk to anyone who seems like they are digging themselves in too deep financially. I currently have my credit cards paid off and money to spare, as well as a good amount of money in my savings that I have not touched since the summer!

Good luck and remember, you are a college student, not Bill Gates!