Overview
College is both an exciting and challenging chapter of life—especially when it comes to personal finances. On one end, new students have unprecedented choices when it comes to planning their classes, social activities, and daily meals. On the other end, these choices all come with a price tag, and how you manage them can have a lasting impact on your financial wellness.
When planning your journey, it is important to first understand that financial wellness is more than just having money; it’s about managing yourself, making good decisions, and securing your future. While it may seem overwhelming at first, it doesn’t have to be. In fact, you may find the challenge both rewarding and gratifying as you develop tools, strategies, and habits that will lay the foundation of your long-term success. And don’t fret! There are plenty of tools, resources, and experts to help you along the way!
Tips for Students
A great place to start is by viewing our video, Financial Tips for College Students. Here, you can learn about six key topics for financial wellness in college and beyond, including:
- Tracking Your Income: Identifying your income sources and tracking them to develop a budget.
- Tracking Spending/Expenses: Reviewing your spending habits and learning the difference between needs and wants.
- Building Emergency Savings: Identifying opportunities to gradually build savings for unplanned events and expenses.
- Understanding Student Loans: Learn about student loan options, how interest works, and how to plan for repayment.
- Retirement Plans: Familiarize yourself with common retirement plans, including: social security, employee-sponsored plans, and personal retirement plans.
- Employee Benefits: Learn how to research and select job benefits as you enter the workforce, including insurance options, retirement plans, and more.
In Summary
While college finances may seem overwhelming at first, by making small, consistent, disciplined choices during these years, you can set the stage for long-term financial health and freedom. By starting early, staying informed, and managing yourself wisely, you can enter the job market ahead of the curve instead of playing from behind; and SDSU Extension’s Personal Finance experts can help every step of the way!
