Much Needed Financial Advice for College Freshmen

Most fall semesters are now newly underway and with that comes a lot of new freshmen students. Many of these freshmen will be leaving home for the first time, are likely inexperienced in a financial sense and could use a few tips to stay afloat during their college days.

Financial Advisor, Michelle Perry Higgins has three top pieces of financial advice for freshmen students.

Step 1: Set up a student bank account

• When new students enter college they also enter a phase of life that comes with new responsibilities. One major area of accountability is going to be managing money. The best way to track expenses and ensure that students are not overspending or not spending wisely, is to have a bank account. With a bank account it is easier to see every transaction right in from of the student.

Step 2: Learn to budget

• Students will be wise to create a budget and stick to it. Keeping a tight belt on frivolous spending is the best way to ensure that students are not living off of easy mac too many nights. A few good ways to budget are buying food in bulk, ordering appetizers rather than entrees when out to eat and using a water filtration system rather than buying bottled water.

Step 3: Save money on course books

• Students should avoid buying new course books if at all possible. New books are extremely expensive and don’t have anything to offer that used books don’t. Students should check out their school’s bookstore for used books for starters. If nothing is available there, Amazon.com, Half.com and Chegg.com are great resources for reduced books.

Source:

Financial Advice for College Freshmen. (2014, August 19). Retrieved August 28, 2014, from http://online.wsj.com/articles/financial-advice-for-college-freshmen-1408454432?tesla=y&mod=WSJ_WSJ_Careers_PublicSearch&mg=reno64-wsj&url=http://online.wsj.com/article/SB10001424052702303996604580087972893716734.html?mod=WSJ_WSJ_Careers_PublicSearch