Be $mart

By: Nora Kish

In many ways, college is a time of financial freedom for students. Of course there are student loans, rent and utilities to pay for, gas, and food, but there aren't any real "adult" responsibilities. By "adult" responsibilities, I mean that undergrads don't typically have mortgages, car payments, families to feed or doctor visits to pay for. However, this sense of financial freedom should be handled with care. Some students experience having some extra money from loans or apply for credit cards to start establishing credit. If financial matters aren't handled with responsibility in college, they can result in some ugly situations. Here are some tips I've come up with to be financially savvy based on my own experiences and observations.

If you get a credit card, only use it for very small purchases or emergencies
You'll build credit whether you spend $5 or $500 as long as you use the card and pay off your balance. Don't dig yourself in a hole right away by spending money that you don't technically have. It can be easy to lose track of your purchases with a credit card and have the mindset that you'll pay it off later. Try to use it only for very small purchases like lunch with a friend, or, ideally, for emergencies only. Pay off your balances right away to remain in good standing.

Use cash, not a card
Cards make it easy to lose track of purchases. What I said above with credit cards also applies to debit cards. Using cash instead of a card is a good way to actually see how much you're spending and how much you've got left. The visualization may also help deter you from unnecessary purchases.

Learn to cook
Eating out is often one of college students' biggest expenses. With so many great restaurants close by and little time or desire to cook, eating out seems like the best option. However, you'll save money and eat more healthily in the long run if you make food yourself. A slow cooker can be a college students' best friend. All you need to do is prepare the ingredients the night before, throw them in the cooker before you leave for class in the morning, and when dinnertime rolls around, your food will be ready. You can also make greater qquantities of food and eat leftovers so the effort you put into making the meal will stretch farther.

Live within your means
This can be a tricky one in college because there are so many things to do. When a friend asks you to go out to eat or go to the bars, it can be hard to say no, even though you may not be able to afford it. $5 here and $10 there may not seem much at the time as separate charges, but those small charges will add up quickly to a larger amount you may have initially prepared for. You know what you can and can't afford so avoid stretching your budget for frivolous things.