Financial Tips for College Students

Financial Tips for College StudentsIn all honesty, almost every student looks forward to the day that his or her degree will finally pay off— literally. Financial stability is at the forefront of a student’s mind for two reasons:

  1. Students pursue a degree in order to specialize in a subject; therefore, this student is likely pursuing a related career. Their dedication to education is a proven path to help solidify a greater chance of acquiring their dream job, a means by which citizens sustain themselves, financially. Therefore, it can be argued that most students attend school in hopes for financial stability in the future.
  2. Full time students often must learn the balance between life, school, and work. Unfortunately, sacrifices must be made along the way, which can result in students leaving their job, or cutting hours. This can lead students to struggle financially. It is especially difficult for students who are out on their own for the first time—they must learn skills to balance their bank accounts without the help of their parents.

These two points make it clear that finances play a large role in the life of a student. Get ready to find out Florida National University’s (FNU) top financial tips to save college students from breaking open the piggy bank:

Work Part-Time

Students with the ability and motivation to work while in school should definitely take on the chance. While it is an added responsibility to a demanding time in life, working while in school enables students to afford more necessities, have greater freedom with their money (forget asking mom and dad for cash), and to learn the importance of tracking finances. It also does not hurt to learn the true value of a dollar.

Budgeting

Budgeting is not a word most students care to hear (aside from our Accounting students), but it is important, nonetheless. Budgeting is a crucial tool to learn—whether students use a smartphone app, an actual notebook, or a checkbook, keeping track of the money spent on bills and on outings each month is a guaranteed way to better understand finances.

“Balancing the checkbook” might be outdated lingo, but it is not an outdated way of life! Think of the word balance; it implies evenly distributed stability. Who would possibly deny the chance to maintain evenly distributed stability in their bank account? Students should pick up the nearest checkbook, log in to their virtual wallet, or just track their purchasing in a journal, before there’s nothing left to spend! 

Save Now

Do not put off saving. Those who do will look back, wishing they had not. Students are often motivated by the false notion that during college, they do not need to save. Their loan payments are on hold, and they assume they will land a job right out of school.

Although it is easy to subscribe to the notion that one will be whisked away to a glorious entry-level position with full benefits immediately following graduation, this wishful thinking is not a guarantee. As much as college prepares students to take on the world, and while we wish this for every student, no college can promise immediate success after obtaining that hard-earned degree. Truthfully, there may be a short slump in between the time of graduation and one’s first full-time position in their career field. That is why we highly recommend that students save money while they are in school.

FNU alumni who are having difficulty finding a career after graduation should contact the Job Placement Department. This Department was put in place as our service to you. Because we want to see all of our students succeed, our Job Placement Department does everything in its power to help alumni and current students locate and apply to a number of jobs in their field.

Prioritize

Along with budgeting comes prioritizing. Do you really need to stand in line for the newest $700 dollar smart phone when you are struggling to find money for groceries? Is that trip to the Taco Tuesday bar really such a great idea this month? Unfortunately, a well-balanced bank account requires some sacrifices. Don’t worry; students who prioritize sacrifice small items along the way, but reap the benefits in the long run.

Be Loan-Smart

There are a number of horror stories depicting students who carelessly spend their school loans on DVDs, TVs, clothing, concerts, and more. Students must remember this: a loan is not free money. Until a loan is paid off, a loan is a bind between the student and the loaner, based on the guarantee that the student will pay off the loan, in full, and often with interest.

Find a Scholarship that Suits You

Did you know there are a large number of scholarships that do not reward based on academic or athletic abilities? If you are having trouble affording tuition, consider applying for an FNU scholarship, or even one of the most unexpected scholarships!

FNU: Leading You Toward Financial Success

FNU cares about you; that is why we want to make sure you push yourself toward financially smart moves! If you are ready to be part of the FNU family, review a list of our programs, choose one that suits you, and apply today!

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