Mitchell Robinson Gainesville Florida - Financial Tips for College Students Thanks to an executive order signed during President Bush’s Administration in 2008, high school students all over the country now have an opportunity to test their knowledge regarding personal finance. Also, the economic downturn of 2008-09 brought to the fore the need for individuals to learn more about fiscal responsibility in order to safeguard their financial futures. In 2008, while still in high school, Mitchell Robinson of Gainesville, Florida was among students in the nation who took the National Financial Literacy Challenge to test their financial knowledge. Blessed with a sharp mind, Robinson scored in the Top 25% nationally, an accomplishment that he is very proud of years later. He took the test to not only score highly on the various financial aspects of saving, budgeting and investing, but also to prepare himself for a life of financial responsibility in college and afterwards. The concepts he learned then has proved very relevant now, and he is quick to share a few financial tips he sees as necessary for college students to apply. Have a budget Before you begin the semester, you should come up with a monthly budget that includes all necessary expenses. Put the budget on paper on a spreadsheet so that it is easier to monitor your expenditures versus the money you have at your disposal. Also, don’t forget to budget for fun, such as eating out or partying expenses. Stay committed to tracking your budget throughout the month. These basic skills, if you start early, will stay with you until you graduate. Credit management The earlier you learn to manage credit, the better it is for your financial future. Good credit management in college helps to establish a credit record that will come in handy after you graduate. Use your credit card wisely. Preferably, a credit card with low interest rates or some type of reward is a good option. If you are going to take a student loan, don’t take out more than you require. Part-time job If you have a flexible schedule that leaves you with some free time each day, consider taking a part-time job. The money you earn from the job can be spent on extras – eating out, going to the movies, gadgets, among others – rather than spending the money set aside for textbooks. Save
Start saving sooner rather than wait until you graduate and get a job. Saving starts a precedent that serves you well later in life.