Some Financial Advice for College Students – The Guide I Wish I Had

College is a whirlwind of lectures, late-night study sessions, and, let’s be honest, a fair share of questionable cafeteria food. Amidst all this, managing finances often takes a backseat. Looking back, I realize how a bit of financial wisdom could have saved me from some avoidable pitfalls. Here’s the guide I wish I had during my college years.

1. Navigating Financial Aid

Start with the FAFSA The Free Application for Federal Student Aid is the first step. Submit it early—seriously, don’t wait. Some grants run out fast. Also, look for local scholarships or niche ones (like ones for left-handed students or children of veterans)—they add up.

2. Building Credit Wisely

Get a student credit card Put a small, recurring bill on it (like Netflix), and set it to auto-pay. You’ll build credit with minimal risk. Don’t get fancy or impulsive with it—it’s not free money, it’s future you’s problem if you mess it up.

You’re unable to build credit until you’re 18 years old, so once you hit 18, get a credit card and only purchase what you can cover immediately.

Carrying a balance is bad becasue they charge you interest. You don’t want to pay interest so only spend what you’ve got in your bank account and don’t go over!

3. Making Smart Purchases

The 24-hour rule Impulse buys are where budgets go to die. If it’s not something essential or urgent, wait a day. Most of the time, you’ll forget about it. That’s a good thing.

Most of the time you don’t need it.

4. Budgeting (For Real This Time)

Forget the complicated spreadsheets. Do this instead:

Add up what comes in (your part-time job, allowance, aid)
Subtract what has to go out (rent, books, food, etc.)
What’s left is what you’ve got for the rest.

Use apps like LunchMoney (my choice) or Monarch if you like visuals, but a note on your phone works fine too. The key is actually checking it regularly and sticking to your budget.

5. Managing Student Loans

Only borrow what you need – college isn’t cheap!

You’ll thank yourself later when those monthly payments don’t eat your post-grad budget alive. And learn the difference between subsidized vs unsubsidized loans—it matters.

Setup a payment plan when it comes time to repay your loans
Look at when each loan is due and pay off the highest one first (you’ll likely have multiple) 3.

6. Rethinking Meal Plans

Meal plans seem convenient… until you realize you’re spending $15 a meal for something you could cook for $3. If you’re skipping meals or eating off-campus anyway, scale down your plan or ditch it entirely. A Costco membership and some basic groceries can go a long way.

7. Make Your Own Coffee

Please don’t spend $6 a day at Starbucks. Even a Nespresso will save you money. I bought one purely for convenience, and at the rate I was drinking coffee, I broke even in about 5 months. Each cup costs me roughly $0.75 now.

But if you’re really on a budget? Get a Coffeemate or even instant coffee. Add some milk or oat milk or whatever you like—it’s still better than dropping $30 a week at the campus café. That $5/day adds up fast over a semester (we’re talking hundreds of dollars).

And here’s a pro tip: Get yourself a nice reusable cup—Yeti, Stanley, Hydro Flask, whatever fits your vibe. Yeah, they’re trendy. But they work. They keep your drink hot (or cold) for hours, they’re built to last basically forever, and no one cares if your green straw is from Starbucks or not. It’s the drink inside that matters. Plus, bringing your own cup just feels like you’ve got it together, even if you’re running on three hours of sleep.

8. Other Stuff I Wish I Knew

Start an emergency fund — even $10/month helps. You can setup automatic deductions in most banks to a savings account. I like Capital one because it’s free and you can have multiple accounts (Savings, Bills to be paid, and vacation, for example). Setup a portion of your main account to go in here (if you have the money) automatically every pay check or every month. It adds up and prevents you from over spending.
Split subscriptions with roommates — Netflix, Spotify, etc. or just use your parents, seriously.
Sell your books after each semester — or better yet, rent them in the first place. Many books are available for free so be sure to check that out.
Use your student ID — discounts are everywhere and wildly underrated. Don’t be shy to ask, you’ll never know if you don’t!
Track your net worth — it sounds fancy, but all it means is knowing what you have vs what you owe. Keep this number positive.

Final Thoughts

You don’t need to be perfect. But the earlier you get intentional with money, the less stressful it becomes later. College is a great place to start building habits that stick. And if you mess up? Cool—just learn from it. That’s half the point.