Six financial tips for students

Although adulthood can bring countless new adventures and excitement, it comes with the start of financial affairs. For many people, money management begins alongside their college career. Some juggle how to pay for their education, earn money and get good grades. College is about preparing for the real world. The Financial Wellness Program offered by the Student Wellness Center is a great place to start. Below are six quick tips to shed some light on your finances.

1. Learn to talk about money

A big part of navigating the world of finance is learning the different paths that money takes. Money isn’t just about counting dollar bills and coins. It’s about which credit card to open, how to read card statements, and which loan has the best deal. The wellness center offers many financial workshops, coaching programs and resources.

2. Use credit wisely

Opening a credit card can cause feelings of anxiety or excitement, especially in inexperienced people. Always keep in mind that spending on a credit card is actually a loan, not free money. Instead, start with the pros and cons of the different cards. Find out about their interest charges, late fees, and principal before committing.

3. Create a realistic budget

What may seem obvious is also the most ignored. Don’t spend more than you earn. Tracking income and expenses can help get a clear idea of ​​monthly cash flow. Budgeting can be different for everyone. While some can use an app or spreadsheet, others prefer their piggy bank. By understanding your budget, you develop a greater sense of control.

4. Don’t be afraid of discounts

Part of college is learning how to save money and take advantage of free perks. Often businesses and services near college campuses offer student discounts. What may seem less important can add up. There’s no shame in Googling for that 20% off. Exploring the city and its hidden corners is much more fun when it’s not about breaking the bank. In 2014, our Student Government Association (SGA) launched a discount program for students, faculty and staff. Discounts and offers available on all fronts.

5. Establish an emergency fund

An emergency fund is the little bag with money hidden under our mattresses, figuratively speaking. Whenever you have a little extra cash, slip a few bills into the fund. It is designed to alleviate stress when you encounter an immediate or urgent financial emergency. In college, those emergencies might be a flat tire or a lost debit card. Unfortunately, our responsibilities keep growing, just as the number of potential emergencies increases. Decisions can be made from a position of financial security rather than panic.

6. Use available resources

Money plays an important role in our lives, which can also impact mental and physical health, as well as academic performance. Financial stress is common among students. There are many ways to learn how to maximize your finances. The CU Denver Student Wellness Center is home to countless financial wellness resources. From workshops to financial coaching to literacy guides, he has resources for everything. Be sure to check it out.

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