avatarDestiny S. Harris

Summary

The website content provides financial advice for college students, emphasizing the importance of working full-time, managing debt, budgeting, and investing in financial education to avoid common financial pitfalls.

Abstract

The article "10 Things To Do With Money If You’re In College" by Destiny offers practical financial guidance for college students, suggesting a balance between work and study to minimize debt. Destiny reflects on personal experiences, advocating for proactive student loan repayment, cautious spending, and the avoidance of credit cards. The piece encourages eating in, budgeting, and establishing an emergency fund, while also highlighting the value of scholarships and self-education in personal finance. Additionally, Destiny shares seven personal reflections on what she would do differently, such as working full-time, investing more, and taking advantage of study abroad programs.

Opinions

  • The author regrets not working full-time and believes it could have significantly improved their financial situation.
  • Paying down student loans early and setting up automatic payments is strongly recommended.
  • Using cash only and avoiding credit cards is advised to prevent overspending and debt accumulation.
  • Eating out is seen as a major expense that can be reduced by purchasing groceries.
  • Limiting entertainment expenses like drinking and partying is crucial for maintaining cash flow.
  • Regular investment, even a modest amount, is emphasized for its long-term benefits.
  • Persistent scholarship applications during the semester are encouraged as a means to secure additional funding and reduce reliance on loans.
  • Maintaining a budget is considered essential for tracking finances and preventing overspending.
  • The author stresses the importance of spending less than one earns as a fundamental financial principle.
  • College is criticized for not teaching personal finance, and the author urges readers to seek financial education independently.
  • Resisting the urge to follow trends and spend on materialistic items is presented as a way to invest in one's financial future.
  • Establishing an emergency fund is highlighted as a rare but crucial practice for college students to avoid debt.
  • The author expresses a balanced view on the necessity of college, suggesting that if one chooses to attend, they should maximize the experience by working, investing, and networking.

10 Things To Do With Money If You’re In College

And seven things I’d do differently if I was back in college.

Photo by Victoria Heath on Unsplash

In college, you’re usually cash-poor with limited options. I got all the jobs I could, though; I wish I had worked full-time. I think it would’ve helped out more with my financials. However, I did work-study programs, entrepreneurial gigs, retail, and started working in tech. Despite these financial opportunities, it was just enough to provide for myself while going to school, and I still lived with my parents.

12 Things

If you’re struggling with money and you’re in college, or you’re broke, I have a few tips you can implement:

Thing 1

Do 12 hour semesters instead of 15-hour ones, or balance your classes to where they aren’t as intensive, so you can work full-time to bring in income and pay for school without going into debt.

Thing 2

If you have student loans, start paying them down now. The sooner you start paying your student loans, the sooner they will be paid. Set up automatic payments, and pay a little more than the minimum payment.

Thing 3

Don’t open credit card accounts if you have issues spending money. Use cash only if your financial habits are sketchy. Credit cards can be dangerous in college. I’ve seen the tables set up around campus to get students to sign up. Tragic.

Thing 4

Eat out less, and buy groceries. Even if they cost the same amount, the groceries will last you longer, which means you’ll save money. In college, every dollar counts.

Thing 5

Watch the extracurricular activities (e.g., drinking, partying, and other entertainment). If someone else isn’t paying, that means you’re left with the bill. When you consistently go out, your cash flow decreases.

Thing 6

Invest $100 a month. It might seem like a lot, but it will be worth more years down the line when you’re bestowing yourself with gratitude.

Thing 7

Get scholarships. If you didn’t get awarded any scholarships before starting the semester, it doesn’t mean you can’t still get some extra funding. I applied for scholarships during the semester and came into some extra money. Don’t stop applying to scholarships when you’re in school or on school break; keep applying. Eventually, you’ll get accepted, and that extra money will take a financial load off your back and help you avoid the trap of student debt.

Thing 8

Maintain a budget. It’s not fun, but it will keep you on a solid financial track. Not to mention, what a perfect time to learn the enriching habit of budgeting — something that will take you far in life.

Thing 9

Spend less than you bring in. When you have a budget, you will have a clear radar of what is coming in and going out. Now you know what you can spend and what is overspending.

Thing 10

College doesn’t teach you about personal finance — at least not when I attended. Invest in financial education now to improve your financial outlook exponentially. What you learn now will affect you in the future.

Thing 11

Don’t follow the crowd. At school, it’s about fads. Be an outlier. Don’t overinvest in clothing, shoes, accessories, technology, and any other superfluous materialistic things. Invest in your financial future by investing, self-education, cultivating relationships with other like-minded people, attaining financial mentors, and spending less than you bring in.

Thing 12

Establish an emergency fund. I doubt most college students have an emergency fund. The emergency fund often comes in student loans, parents, or credit cards for students. But for you, it can be actual cash. Determine your expenses for the month, and put aside money each week or month to build out a 3–6 month emergency fund. Now that’s outlier-college-student material right there.

7 Things I’d do differently if I was back in college

I’m satisfied with what I accomplished during college. Do I believe firmly in the idea you need to go to college? Definitely not. But if you do go, you might as well make the most of it. Here are 7 things I would do differently if I went back to college:

  • Work full-time
  • Write more
  • Invest more
  • Take out fewer student loans
  • Get a fourth degree; if I’m already there, why not?
  • Go home less frequently and focus on meeting new people
  • Do more study abroad programs

Hey, I’m Destiny, and I give away my books for free daily. Get yours: Here.

Investing
Money
Finance
Economics
College
Recommended from ReadMedium
avatarSamantha-Kun
I Slept With All Kinds Of Men For 3 Years

And that's what I learned about them

4 min read
avatarGodfrey The Great
The Dark Side Of Dubai

Everything about Dubai screams two things:

13 min read
avatarDenis Gorbunov
This Guy Made $370 Million on Bitcoin Without Selling It

A new way of wealth creation

4 min read
avatarAutomated Income Lifestyle
If You Could Buy Yourself An Income Instead of Working For It, Would You?

It only takes about 1 years worth of pay…..

9 min read
avatarCarlos Pascual
You Will Never Be Rich Because You Don’t Understand This

Unveiling the Illusions: Understanding Money and Economic Cycles

4 min read
avatarDave Coker
Economics: lies, damn lies, and CPI

this is an election year

4 min read