What are some good habits I could start now with respect to my finances?
There are three key things I recommend doing while you are in college to start incorporating financial wellness into part of your ongoing self-care practice.
Do no more harm. So many 20-somethings are graduating from college with staggering debt burdens. Don’t make this worse by using credit cards to buy items you don’t really need or can’t afford to pay off in full when the bill comes.
Adopt a mantra of mine: “Forget diamonds, financial knowledge is a girl’s best friend.” Very few academic institutions teach personal finance. If yours does, take advantage of it. If not, I encourage you to do some research on your own and read a basic personal finance book such as On My Own Two Feet, or consider taking a low-cost online personal finance class, such as the one I offer called “Money Rules.”
Talk honestly about money. And I mean with your parents, siblings, friends, romantic partners, as well as people you can learn from. Money is such a taboo topic, so it can be hard to start cold. I recommend once a quarter reaching out to someone who is older and asking if they will spend 15-20 minutes sharing with you what they wish they had known about money at your age. You’ll be amazed at how much you learn from the conversation.
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Great post! Since I’m coming out of my 20′s soon – 30 in September, I can relate to everything you mentioned. Looking back on my college spending now I regret that I wasn’t more careful with my money. Once out of college I was working two jobs for YEARS just to stay afloat after blowing so much money in college. My best advice is to live within your means when while in college so that you set yourself but for a bright, single job, future in your 20′s. Your 20′s is your time to travel, you can’t travel without money – don’t miss out of your chance to explore because you bought too many beers in college.
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Excellent advice! With the mountains of student debt that so many 20-somethings have these days, it can be easy to just pile it on. “What’s a few more thousand?” But honestly, start small and get moving forward – you’ll be surprised how easy it will become to adopt a frugal lifestyle once you get in the habit It’s also a great idea to ask for lots of advice. Just out of college, there are a lot of new expenses and responsibilities that you may think you know how to handle. But asking just a few questions and having a very honest conversation can help you get new ideas or at least make sure you are on the right track.
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This is an excellent post! If you want your money to last, it is also important to stick to the essentials. Needs should be prioritized over wants.