Student Life >> Browse Articles >> Personal Finance
Money Tips Students Wish They'd Known
FastWeb users share their advice on money management and savings.
By FastWeb
We asked FastWeb users to pass on their advice about money management, based on their personal experiences. Here’s what they said:
“Start saving, tell your parents you want to go to college, ask them to start [savings plans] for you now,
before it’s too late, and don’t waste any time! As soon as you can, get a job. Don’t blow the money on
awesome stereo equipment for your car, or that ski trip you’ve been dying to take or Christmas presents.
Dreams cost big. Are you prepared?”
— Kacie Halonen, College of the Fraser Valley
“I have been through the tough money times, and the most important advice is… do not get a credit card! I made that mistake my freshman year in college. They were giving out giant bags of M&M’s and
I fell for it. Now I am still paying off this card, and when you’re a broke college student the interest kills
you! Coupon clipping and second-hand stores are also good advice.”
— Tiffany Coady, Oregon State University
“No matter how low your cash flow gets, do not apply for a credit card until you are out of college and on
steady ground financially. Don’t ever give your credit cards to anyone whose name is not on the contract.
Finally, don’t take the easy road to anything, because everything worth having in life takes a long, hard
time to get – whether it’s a college education or financial security.”
— Adreka Majors, College of Charleston
“Don’t get caught up in the excitement of being on your own. Have some sort of savings plan for your
bills. Don’t be naive with your money; people really do want to get paid for their services and they will
make sure they get it.”
— Jaime Woolley, Oakland University
“Ask your parents to help you learn about investing in companies whose products you consume. Become
investors and consumers. I liked it so much that my grandmother wrote a book about how she taught me
how to invest. If students start to learn how to invest, they can learn more about the financial world of the
companies.”
- Danielle Flythe, Stone Ridge School of the Sacred Heart
“Don’t fall into a credit card trap like I did. I’ve cut down on spending but the bills are still high. Once the
bill gets out of control like that, it takes forever to pay off. The best thing to do is save. If you save, you
might not be prepared for all the extra expenses but maybe you’ll stay afloat better than I did.”
— Matalya Dowdy, Mount St. Mary’s College
“First, apply for scholarships. Second, try to teach yourself to make a habit of saving. It is no easy task, but
once learned it becomes much easier. Start with small things. For instance, if you’re in the checkout line at
the grocery store, ask yourself, ‘Do I really need that pack of gum?’ The small things do add up. This kind of self-discipline will help develop a habit of saving
money, and it will help when you go to college.”
— Rachel Carpenter, Eaton Rapids Senior High
“Make careful decisions on your investments. Prioritize your spending according to your needs, not your
wants. When a situation arises where you want to spend money, don’t exceed your limits.”
— Jill Stender, Edinboro University of Pennsylvania
“It is very tempting to want to have a credit card. Get a card with a small limit on it and do not get more
than one.”
— Kimberly Hernandez, University of Connecticut
“The most important advice I could give is to study hard and to apply for scholarships. Student loans are
helpful if you need them, but then you are in debt as soon as you get out of college. I would also say to
listen to your parents. They are not as dumb as you think they are about money.”
— John Kaiser, Kansas State University
“I would advise anyone having trouble saving money to think to themselves: ‘Do I really need this?’ If the answer is yes, buy it; if the answer is no, return it! Someone else could probably use it more, and you might need the money for something more important!”
— Julie Hunt, North Branch High School
AnnabelN3
4 days ago
All these are great advise, and I have been involved in nearly all of them, but the one that kills me the most, is not knowing what I wanted to study, so I now owe student loads for a course that I never finish, my advice would be to be very well prepared as to what field and courses you want to complete, and finish, because student loads dont give money back !
ChristinaL741
4 days ago
So much of this advice is anti credit card. Credit cards themselves are not bad! Uninformed and irresponsible consumers are! Don't blame it on a piece of plastic or a free t shirt luring you in. In fact, one of the best ways to establish credit, a VERY necessary aspect of adult life, is to use a credit card that you pay off COMPLETELY each month. Most cards also come with rewards, so you can get paid for paying your bills! Credit cards are probably one of the best financial decisions I've made because I use them to my advantage; I even get money back for paying my tuition.
JohnH55
7 days ago
As a fourth-year college student I've become a very good saver and a very careful spender. In fact, I've been saving so well that I have been paying my $12,000/year college tuition completely on my own with $0.00 in student loans. Yes, I have credit cards but I know how to use them. First, I have several bills that are the same every month (car payment, insurance, cell phone) so i set asside a sufficient amount of money for these expenses every week. Second, I commute to school so I fill up my gas tank on a weekly basis. I know I can afford these things so I use my credit card to pay for them. My credit card offers 1% cash back on ALL purchases so this saves me a small amount of money each time. For gas, I receive a 3% cash back reward so this saves even more money (if you've noticed that some gas stations charge less when you pay cash as opposed to credit, I pay less than the cash price by using my cash back card). The most important thing is that I pay off my credit card balance in full each month so there is no interest accumulation or carried balance. So in the end, my credit card works as a little discount card, in a sense. My point is that a credit card can be a very useful tool when used properly. Also, establishing a good credit history can help you to finance larger things, like a house for example, with lower interest rates. This will save you lots of money if you don't have alot of money for a down payment. My advice is to get a credit card as early as possible and learn to take advantage of its ability to help you save money just as I have done.
MarianM31
8 days ago
The best advice I can give as a parent is to initiate a saving plan for your child's college educations. Start early. The earlier you start the better. Then you will have a head start on your child. When you're saving for your child take NO risks. You will be taking a risk with the future of your child. Both my children are in college and when they graduate they will have no student loans to worry about. This was only possible because we started a saving plan the moment they were born. A child's future is no joke. Giving a college education is that will decide the future of your child to a great extent. A good college education might mean the difference between a good job with a well paid salary and a small job with a minimum wages. Start savings early. Try to balance your life based on the needs rather than the wants.
jazimodel
8 days ago
I totally agree with MoisesL19... $5,$10 or even $50 adds up. I do a budget in a composition book for every month. It is very helpful. Write down all bills and all money coming in... Always include the amount you plan or want to put aside in savings, and ALWAYS the amount you plan to spend... You can not go wrong if you do that. I love talking about stuff like this... Im an accountant major and I feel like its great to give advice when you have already been down the road and have proof that it works... Good Luck to all the other students...
ArielO55
9 days ago
Really, credit cards are not evil. Just don't spend money you don't have, or won't be having within 2 weeks. Get the credit card- you can get rewards and start building credit, but treat as you would a debit card- it's still coming out of your pocket, and you BEST be able to pay it at the end of the month!
Advice on saving: have some money be automatically deducted from your paycheck, either a percentage or an amount, and put it in another account, just for college or just for things you'll need in the future- a downpayment, travelling.... not school shopping.
Also, get in the habit of not carrying cash. If you don't have it, you don't spend it! Think about going through your wallet every Sunday and putting away the small bills. Once you hit $50 or $100, you could make a CD, to access later. Good luck!
ArielO55
9 days ago
Really, credit cards are not evil. Just don't spend money you don't have, or won't be having within 2 weeks. Get the credit card- you can get rewards and start building credit, but treat as you would a debit card- it's still coming out of your pocket, and you BEST be able to pay it at the end of the month!
Advice on saving: have some money be automatically deducted from your paycheck, either a percentage or an amount, and put it in another account, just for college or just for things you'll need in the future- a downpayment, travelling.... not school shopping.
Also, get in the habit of not carrying cash. If you don't have it, you don't spend it! Think about going through your wallet every Sunday and putting away the small bills. Once you hit $50 or $100, you could make a CD, to access later. Good luck!
ClaudiaG50
9 days ago
saving is easy... in a way. really its just spending money on what you TRUELY need and not on random items that would just be nice to have. You have to be honest with yourself when you go shopping and ask "Do I really need this?" If its not essential put it back and walk away. Its as easy as that. Also bargain hunting helps. For example, shopping the clearance items in department stores. And check out the stores that dont have such a "big" name and you can get some pretty sweet deals :)
SepoS
9 days ago
Thankful so much for the advice. How do you learn to save? I'm failing miserably
FeliciaS84
9 days ago
My idea of a credit card in college is only to build credit for later in life, like to buy a house. Get one if you have self-control, and treat it like a debit card- DON'T SPEND MONEY YOU DON'T HAVE! Save while in high school too... and get scholarships...
JenniferP2400
9 days ago
OMG! I am so happy all of you college students decided to talk and give some advice on how to save and invest on money for college I am a freshman in college and I am really glad I am part of this website because now I learned some of the best and decisions I can make on money for college. Thank-you all of you for your tips and advice and I just hope that everyone else listens to the choices.
AKWhary
9 days ago
A simple thing to do: Save at least 15% of every paycheck and deposit into a savings account. Don't ever spend more than 20% on yourself, friends and family. With the other 65% pay off bills, any left over money should be put into savings and/or a checking account! If you are a compulsive spender, DO NOT GET A CREDIT CARD! You'll end up spending money you can't afford to spend. If you have no idea how investing works, DO NOT DO IT! Until you understand how, where, and what your money is being spent on, you shouldn't spend it.
These rules are working very well for me. As for affording your education: scholarships, grants, scholarships, student loans. Of course, try to avoid the loans.
MoisesL19
9 days ago
By the way, I would not advise taking EldredP's word.
Research credit cards and FICO scores yourself.
One thing I can say is that, nowadays, you always need a good credit scores when purchasing a new car or home, unless you want to end up paying up to 25% more than the actual retail price of your purchase.
MoisesL19
9 days ago
It's a good idea to have a budget. There are many resources you can use to assist you in creating a budget for you-- I've no idea about other colleges, but Texas A&M University (WHOOP!) offers a free service to students called the Moneywise Aggie. It's been extremely helpful to me, and I would hope that whatever institution you go to offers a free service like this one.
Another thing, on saving, it really IS NOT DIFFICULT. Do not think that because you're in college you can live the luxurious life. You're in college to study, not to live it up. Although it is nice to use money for occasional luxuries, do not fill your days with spending your money irresponsibly. This is easy when you tell yourself that you're working hard now, and in the future you can play later. If you have a job or some type of regular cash inflow, don't spend it all so quickly. What I like to do is save 10% of it in my savings account (sometimes even up to 50%, depending on what I NEED to spend) and use the rest for the necessities. The reward will come later when you find that your savings have accumulated quite nicely.
:)
jazimodel
9 days ago
Good point KatherineF477...
EldredP... Im not sure exactly sure how old you are but it sounds like you have some frustrations about the FICO itself and dont sound like a college student. No one likes the system. It is what it is. And a person that gets a credit card should not get it as a means of extra income. That is not what credit cards are for. I dont think this is logical because the times now are of the FICO. And I gave a few examples below as to why its not logical. Basically in a nut shell rather you like it or not your credit is going to play a big part of buying a home, buying a car, it will influence the types of interest rates one recieves. I do not see it changing anytime soon. I actually "believe" it may become a important on a lot more things. We are college students and not millionaires. Im actually looking for that "someone" to come give me a million dollars because I sure do need that. But until then I will continue to play this FICO game, but I will play it better so its in my best interest.
My whole purpose of posting a comment was to voice my opinion because I have been there and done that. Im saving and also keeping my credit cards low to no balance at all. if you have no balance on your card you can not occur any interest. I dont see the problem. If the student does not have a job or no income to keep that credit card up... dont get it. Save most of the refund check most get. And stay on top of your finances. Like eldred said... dont spend money you dont have. But Eldred what are the odds of the "all cash" happening?