{"id":8677,"date":"2017-04-12T11:31:53","date_gmt":"2017-04-12T11:31:53","guid":{"rendered":"http:\/\/hnews.hult.edu\/?p=8677"},"modified":"2026-05-08T18:12:53","modified_gmt":"2026-05-08T17:12:53","slug":"financially-savvy-college","status":"publish","type":"post","link":"https:\/\/www.hult.edu\/blog\/financially-savvy-college\/","title":{"rendered":"How to be financially savvy in College"},"content":{"rendered":"

With the cost of college rising, students\u00a0need to keep on top of their finances if they are going to graduate without too much debt.<\/p>\n

While most first-year students feel ready to take on the academic and social aspects of college life, financial responsibility is often the one thing they feel unprepared for.<\/p>\n

Though it may seem a tall order to jump straight into bank accounts and budgeting if you haven\u2019t had to manage much more than your allowance before, it only takes a little common sense to stay on top of your money throughout your time in college. Get into the right mindset when you start thinking about the five key tips below:<\/p>\n

    \n
  1. Choose Carefully<\/strong>
    \nA college education is one of the biggest investments you\u2019ll probably ever make, so it is important that you find the right school for you, and that includes finding one that fits your financial criteria. Some students set their heart on one particular school, but it\u2019s important to also make sure you select a school that you can afford for the entire time you\u2019ll need to attend.Don\u2019t remove schools from your list based on the sticker price alone \u2013 many schools offer generous financial aid and scholarships \u2013 but you won\u2019t know what you qualify for if you don\u2019t apply. The choice you make can make a big difference to your pocket long-term, so make sure your current and future finances are on your radar when you\u2019re deciding which college to attend.<\/li>\n
  2. Budgeting
    \n<\/strong>So many students neglect this step when they get to campus, so don\u2019t fall into the trap of thinking your budget will sort itself out \u2013 it won\u2019t! When everyone around you is spending without a second thought, it can be tempting to do the same.While you are new on campus, it pays to keep an eye on your finances with a weekly or monthly budget. This will help you keep track of your income and outgoing costs and help you balance your books from week to week. There are lots of apps that can help you organize your budget easily, so try one of those to get started.Or you can even go low-tech and simply keep and check your receipts! Just remember that it is important to be realistic and to leave a little leeway for any unexpected bills or overspending that may occur. This will help you avoid scrounging for the last week of the month.<\/li>\n
  3. Free Money<\/strong>
    \nWhat! Where? If there is free money coming your way, you want to make sure you get it, right? So many first year students miss out on money that they should be snapping up just because they don\u2019t think ahead and fail to get organized in time for the relevant deadlines. Make sure you\u2019re not one of them!Accessing free money is all about being deadline savvy. The big deadlines for financial aid and any scholarships or grants should always be on your calendar, and a bit of advance preparation will help you to make sure that you have everything you need to submit on time.However, free money is also accessible all around you. There are lots of additional little things you can do to make your dollar stretch further. Look for everyday ways to save, like sharing your weekly shopping trip with a roommate, buying second-hand textbooks and always asking if there is a student discount available. Most bigger stores and many of the local businesses around your campus will have a student discount, so don\u2019t pay full price if you don\u2019t have to.<\/li>\n
  4. Credit Cards<\/strong>
    \nYes, they sound scary, and you\u2019ve probably heard one or two horror stories, but unless you are very frugal, you are likely to come out of college with at least a little credit card debt. That\u2019s no reason to panic though. If managed correctly, credit cards can be a great tool to get you through. Credit cards are an easy way to help you meet financial commitments in an emergency, and as long as you make your payments on time and pay off more than just the interest, you are unlikely to experience any problems.Before you commit, however, you should do some research and find a good interest rate. Look out for hidden costs on late fees, or deadlines on rate deals, and you\u2019ll have a useful tool rather than a difficult debt.<\/li>\n
  5. Saving<\/strong>
    \nIt sounds unrealistic to think about saving at a time when you might not have much extra cash, but we aren\u2019t talking about retirement here. Keep an emergency fund; even if it is just $10 dollars a month you put in a separate bank account, you are almost guaranteed to need it at some point.Being a student means you\u2019ll get asked for deposits or one-off payments more often than you\u2019d expect, and a small backup of savings helps you get over those moments where a deposit may be needed and you don\u2019t have the money on hand. The best part is, if you don\u2019t use it, you can always spend it on a trip with friends when summer rolls around!<\/li>\n<\/ol>\n

    Make the most of what your career has to offer with a Masters in International Business<\/a> from Hult. To learn more, take a look at our blog 10 common fears of a new undergraduate<\/a>, or give your employability a huge boost with an MBA in international business<\/a>. Download a brochure or get in touch today to find out how Hult can help you to explore everything about the business world, the future, and yourself.<\/p>\n","protected":false},"excerpt":{"rendered":"

    With the cost of college rising, students\u00a0need to keep on top of their finances if they are going to graduate without too much debt. 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