Student Financial Wellness Peer Educator Shares Tips on Managing Money as a College Student
College is a significant investment. If you let it get into your head, it can cause a variety of emotions. Student Financial Wellness Peer Educator Simon Romero ’24 suggests college students use what he calls three simple but effective ways to manage money.
October 20, 2022
By Simon Romero ’24
The University of New Haven has created a team of Student Financial Wellness Peer Educators to create programs and resources that help students manage their money and put them on a path to financial success. Periodically, they will write blog entries about various topics related to financial wellness. In this post, Simon Romero ’24, an accounting major, shares three tips for college students to manage their money.
Know Your Money
Making a budget is not necessarily hard, but a budget will only be as good as the information you put into it. iGrad has budgeting tools and other resources that can help you start. There are also apps that can make it easy to budget and track your spending such as Mint, Good Budget, Personal Capital, or even a tool provided by your bank. A budget will work if you put in the effort and know about your needs vs wants and how you spend your money.
Be Prepared for the Future
Saving can be hard, but it does not mean it's impossible. Starting small is the best way to approach it. Within your budget, include a savings plan by setting aside money toward your savings goal. You should try to save at least 20 percent of your income and have emergency savings. The University of New Haven 2021 Student Financial Wellness Survey found that 48 percent of students would have trouble coming up with $500 dollars in cash or in credit in case of an emergency. Some tips to help you save better are to pay yourself first and set smart goals.
Invest in More Knowledge
Investing in learning more about money will give you power over your finances. Here are some steps to gain more knowledge.
Sign up for iGrad, which is a free, personalized financial literacy platform for University of New Haven students. It has great courses, articles, and videos that help you learn about a variety of financial topics such as budgeting, managing debt, smart borrowing, credit, and much more.
Attend a Cashparency Financial Literacy Series, which offers specialized speakers about a variety of money topics such as managing your money, credit, setting financial goals, and much more. Some events are PEP-credit approved through the Pompea College of Business.
Talk with others. The Financial Wellness Program has Student Financial Wellness Peer Educators who you can make one-on-one appointments to talk about money and budgeting.
So, take control of your money, and follow us on Instagram @unewhavenfinwell to stay informed on the latest information and updates. You can also find us in myCharger in Student Resources under Financial Wellness.
Simon Romero ’24, an accounting major, is a Student Financial Wellness Peer Educator.