Our finances are often the driving factor behind most major and day-to-day decisions. Want to try that new restaurant? Scheduling an appointment with a doctor? Deciding to go back to school? You’ll likely find yourself asking “How much is this going to cost?”
And though finances seem to drive practically every move we make, like many other daily actions, it’s easy to put financial decisions in cruise control. Day-to-day activities such as finances can become automatic along with your other daily responsibilities. Becoming more proactive in the present with our money can drastically affect our future financial situations. Otherwise, we may find ourselves barely getting by week to week.
As a student, it’s important to limit these kinds of stressors outside of the classroom. This way you can focus on what’s important — your education, your future.
Here are three tips to help keep you organized and on a budget as a student:
Set up an emergency fund.
We’ve all been there. Life tends to throw us curve balls every now and then. So, it’s good to be prepared. Whether it’s a flat tire or you dropped your phone in the sink, there’s no telling when you may have an unexpected expense. This fund, regardless of how much you can afford to set aside, can be available for these emergencies.
Keep track of spending.
Someone has to do it. This is a lot easier said than done, but you might be surprised how much easier it is to control your spending behavior when you have instant visibility and understanding of it. Apps can make it convenient to view your banking statements on your phone. You can also keep track on your computer in a simple document or spreadsheet. Routinely checking to see what you may be overspending on could make a world of difference.
Spend less. Save more.
As you begin to keep better track of spending and overspending, you may find opportunities to save. Every little bit helps. Phone apps can also be a useful way to save. Many big department stores and grocery chains offer apps to help you stay within budget and to control your purchases. This is of course so important while you are also covering school costs. Sometimes these apps offer e-coupons and give alerts on sales.
- Financial Tips for College Students
- Ways to Alleviate the Stress of Paying for College
- 5 Strategies to Deal with Financial Stress
Understanding & Building Your Credit
You do not have to wait until you finish school and launch your career to start taking care of your credit. Understanding credit and how to use it can be helpful to plan for big purchases.
Here are some tips you need to know if you want to start having a positive impact on your credit:
- Start building credit early — Get your own credit card or ask family to add you to their cards as an authorized user. Only use your credit card to help build your credit by making smart purchases and paying them off quickly.
- Stay under your credit limit — This can help you stay in budget and allow for your minimum payments to remain low.
- Pay your student loans early — While in school, begin making small payments to your loans. This can improve your debt-to-income ratio and possibly reduce your future interest rates. Like saving, every little bit helps.
- UMA is here for you — UMA’s Student Guidance Center also offers valuable insight on maintaining finances as a student.
- Click on the “Register” tab at right and enter UMASAP in the “Organization Web ID” field. Next, click the “Register” bar to access account set up. For services by phone, call 866-797-1622.
Other Helpful Resources:
- Tips to Improve Your Credit Score as a Student
- Credit Card Tips for College Students
- How to Build Good Credit as a College Student
You can do it!
Like school, being in control of your financial situation isn’t easy — but it can be worth it. As a student, you’re already on your way toward pursuing a better future, and you can do the same by following some of the tips above.
Long after earning your education and beginning your career path, you’ll find that your financial situation will continue to be something worth monitoring. So, start today! You have what it takes.
UMA knows that many students juggle work and family life while going to school. That’s why we have a built-in support system. Our Learner Services Advisors are here for you. Call 888-216-0544. We encourage you to reach out with questions and concerns.
UMA Cares handles important student issues that may need to be addressed with special attention. UMA Cares takes all inquiries seriously and responds in a timely manner. Visit UltimateMedical.edu/uma-cares/ to make your voice heard.
UMA Wellness Center
Stay tuned to the UMA Wellness Center for new blog posts! Wellness is incredibly important to your studies and your overall health. UMA is committed to providing you and your household with access to wellness resources. You and your household can use these resources to work toward your health and wellbeing!
UMA does not endorse any vendors, products, or services presented in the UMA Wellness Blog Series, and UMA bears no responsibility in any capacity as it relates to such vendors, products, or services. The information on wellness or related services is not intended or implied to be a substitute for professional financial advice. Please contact the vendor or service provider for answers to questions regarding its content, products, or services.