What I Wish I Knew Financially as a Freshman:
My Top 6 Tips That Would’ve Saved Me Stress (and Cash!)
by Laila Kouli
Starting college comes with a lot of firsts: your first time living away from home, your first time
making your own schedule, and for many of us, our first time managing our own expenses. I
remember checking my credit card statement for the first time in college and being shocked at
how quickly everything added up. You’d be surprised how a few coffees, a Target run, and a
weekend out with friends can seriously dent your college student wallet.
Managing finances in college can feel overwhelming, but a few smart habits can make a huge
difference. So! Here are the top 6 things I really wish someone had told me about money before
I stepped on campus. Consider this your freshman-year finance survival guide.
- Always Overestimate Your Expenses (Within Reason)
One thing I learned while budgeting in college is that it can be really hard to predict your
spending accurately, but that doesn’t mean you can’t prepare for it. So my top rule I learned is
it’s always better to overestimate your expenses than underestimate. Most of the time, food
costs more than you think, or something spontaneous pops up. For example, if you think an
event this weekend will cost $30, round it up to $40. That $10 cushion could cover a late-night
meal or go back into your savings. Trust me, you’d rather have that extra $10 than be caught off
guard by an expense for which you didn’t plan.
- Find an On-Campus Job
Having an on-campus job is seriously underrated. Whether you want to make your own money
instead of asking your parents, save up a bit, or just have some spending money for snacks,
comfy clothes, or the occasional fun weekend, working on campus is a smart move. The best
part of most campus jobs are super flexible because your employer knows you’re a student.
Even working just 8–10 hours a week can give you a solid financial boost without overwhelming
your schedule. Another pro, many campus jobs will give you experience that would look great
on a resume!
- Set Aside $10 of Every Paycheck for Emergency Savings
College is often the first time you’re living far from family and that independence is exciting but
can come with surprises and challenges. One mistake you don’t want to make is not having any
money set aside for an emergency. Whether it’s an Uber to the hospital, a last minute flight
home, or something unexpected, having even a small emergency fund helps. If you put just $10
to $30 from each paycheck into savings, you’re setting yourself up for safety and peace of mind,
two essential things that are priceless in college.
- Start Building Credit with a Student Credit Card
College is actually the perfect time to start building your credit, but only if you’re careful. A credit
score may not seem important now when you’re 18, but when it’s time to rent your first
apartment post-grad, you’ll be glad you started early. There are many companies that offer
student credit cards designed for beginners. Speak with your parents or even Emory Financial
Literacy to find the cards that offer the least amount in fees and have good benefits for students.
Another tip: set a calendar reminder a few days before your due date to make sure you pay off
your balance in full on time. Use your card for small purchases instead of your debit card, and
you’ll build credit just by doing what you already do.
- Take Advantage of Student Discounts
One of the easiest ways to save money is just by using your student email! Tons of companies
offer discounts for college students. You can get deals on Spotify and Hulu bundles, free HBO
Max, discounted Apple products for class, clothing brands, and even food deals like free drinks
at Chipotle or fries at McDonald’s. Seriously, these savings add up fast so don’t sleep on them!
- Use Peer Advisors & Campus Resources
Nobody expects an 18 year old to know everything about money when you’re just starting out.
And thankfully, you don’t have to figure it out alone. At Emory, the Financial Literacy Peer
Mentor program exists to help you out! We offer one on one help, workshops, and presentations
on everything from budgeting to student loans to filing taxes. Stop by during open office hours or
check out a session, we’re here to help. That’s literally our campus job 😉
Conclusion
Mistakes and confusion around money are part of growing into an adult. But if you’ve made it to
the end of this blog, you’re already taking steps in the right direction. You don’t have to be
perfect with your finances, but you do want to be intentional.
And if you ever need support, stop by and talk to a peer advisor. We’ve been there, and we’ve
got your back!