10 Tips to Manage Money As a Freshman

As young people, freshmen have little to no experience managing their money, and what seems to be a great start to the freshman year can soon turn into skyrocketing debt and dissatisfied parents. 

If you seem to be losing grip on your financial situation, you may want to learn a few simple rules to guarantee a headache-free semester.  

1. Set a budget 

Set a budget and stick to it! A college freshman should show extraordinary planning abilities.  

2. Be Mindful of Your Expenses

Be aware of the expenses you have. Check out your bank statement, your cash (if you carry any around), and any subscriptions and automated payments you may be making.  

3. Start Saving Early

Every penny saved is twice earned, so start saving and start saving early. Sure, you love Starbucks, but that $5-$10 Frappuccino every morning is going to cost you a fortune by the time you finish your studies.  

4. Build Your Credit Score 

Borrowing some money from your bank and returning it later on does wonders for your credit score, so make sure to build it up while you still can. Borrow small amounts and make sure to return them as soon as you can. 

5. Cook on a Budget 

Cooking is such a significant expense in the life of an average freshman. Buying in bulk, buying seasonal products or products close to their expiry date can save you a lot of money. 

6. Create an Emergency Fund

Freshman or not, nobody is immune to accidents and emergency expenses. These expenses can be covered through the emergency fund, but building one can be an uphill task. 

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