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Financial Literacy Tips & Tricks!

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As a college student, improving your financial literacy can help set you up for long-term financial success.

Here are some tips and tricks to help you get started:

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1. Create a Budget

Track Your Spending

Start by tracking your income (e.g., part-time job, allowance, or scholarships) and expenses (e.g., dining out, subscriptions, entertainment). Apps like NerdWallet, EveryDollar, or even a simple spreadsheet can help.

Set Spending Limits

Once you know where your money goes, set limits for non-essential expenses like dining out or entertainment

Emergency Fund

Try to set aside a small percentage (even 5-10%) of your income for emergencies.

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2. Set Financial Goals

Short-Term and Long-Term Goals

Break down your financial goals into realistic steps. Financial Wellness Peer Mentoring is available on campus and can be a great asset in helping you draft your short and long term goals.

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3. Using Credit Cards as Tools

Debit Card Vs. Credit Card

Debit cards deduct your expense directly from your bank account, while credit cards borrow against a line of credit. Debit cards do not help build credit.

Use Credit Responsibly

While having a credit card can build your credit score, avoid accumulating credit card debt. A helpful question to ask yourself before a large credit card purchase is: “What is my plan to pay back this amount?”

Understand Interest Rates

If you do carry a credit card balance at the end of the month, familiarize yourself with the interest rate. Some rates may only be introductory and could increase after time.

Pro Tip: after 3-6 months of on time payments, call your credit company to request a lower interest rate. It never hurts to try!

Pay on Time

Know your due date! Always make at least the minimum payment to avoid late fees and damage to your credit score. Timely payments are crucial in building a solid credit history.

Understanding the Minimum Payment

Credit card companies make their money off of fees & interest. Only making minimum payments compounds interest. When possible, pay the minimum amount and some additional to help bring down your principal.

Pro Tip: paying your credit card statement in full at the end of each month avoids interest.

Avoid retailer-specific credit cards (If Possible):

This may not always be the case but try your best to avoid credit cards that can only be used at one specific store. Aim for credit lines with major credit card issuers such as Visa, Mastercard, American Express, Discover, ect. and don’t be afraid to shop around for a credit card that best fits your needs and the rewards you want to accumulate.

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4. Build Your Credit Score

Build Credit Score

Start Early: The earlier you start using credit responsibly, the better. Consider getting a student credit card but make sure to read the fine print.

Credit Utilization: Keep your credit usage below 30% of your available limit to maintain a healthy credit score. Avoid maxing out cards unless you plan to pay the amount in full at the end of the month.

Monitor your credit score: In the rising age of identity theft, make it a habit to monitor your credit report. Unauthorized credit cards and loans are at an all time high. Apps like Credit Karma & Experian can help keep an extra eye on your credit.

Avoid running your credit inquiry often

Many retailers will often offer you goodies and discounts in exchange for applying for their credit card (whether or not you get accepted). While tempting, keep in mind every time you run your credit, it is reported on your credit report. Frequent runs can negatively affect your credit.

Closing a Credit Card Can Hurt

When considering a credit card, shop for a card that best fits your current situation and foreseeable future. Cards with high annual fees may force a credit impacting cancellation.

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5. Learn About Student Loans

Understand Your Loans

If you have federal or private student loans, know how much you owe, your interest rate, your repayment options and always read the fine print..

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6. Start Saving for the Future

Start Small

Even if you can only save $20-30 a month, it’s important to build the habit of saving early. Consider setting up automatic transfers into a savings account

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7. Limit Lifestyle Inflation

Live Below Your Means

As you earn more (whether through a job or other forms of income), resist the urge to increase your spending immediately. Continue living within your means, even as your income grows.

Avoid Peer Pressure

It’s easy to get caught up in the "college lifestyle" of eating out or buying the latest gadgets. Stay focused on your financial goals.

8. Use Student Discounts

Take Advantage of Discounts

Many retailers, apps, and services offer student discounts on textbooks, software, transportation, and even entertainment.

Free Services

Don’t overlook the free services offered on campus such as_free printing at Housing’s Pine Academic Resource Center (PARC), free use of laundry machines in Housing, hygiene products through Tuffy’s Basic Needs, and the ASI Food Pantry.

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9. Understand Taxes

Understand Taxes

Familiarize yourself with how taxes work, especially if you’ll have to file for the first time. You can use free services like TurboTax or H&R Block for easy filing.

10. Educate Yourself

Educate Yourself

Read Financial Books and Blogs: There are many great tools & resources available regarding personal finance.

Attend Financial Literacy Events: CSUF offers various workshops covering financial wellness, budgeting and credit management. For more information, contact Basic Needs Services at basicneeds@fullerton.edu

Unlearning Unhealthy Habits

Regardless, you are in the perfect position to learn and unlearn! Replacing old habits with healthy financial habits can definitely happen with a little bit of work and a lot of intentionality. Building healthy financial habits early on will help set you up for a more stable financial position during and after college.

Building healthy financial habits early on will help set you up for a more stable financial position during and after college.

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