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College is an important investment. Keeping it in mind can trigger a range of emotions. Student Financial Wellness Peer Educator Simon Romero ’24 suggests college students use his three simple and effective ways to manage their money.
October 20, 2022
New Haven University has created a team of student financial wellness peer educators to create programs and resources to help students manage their money and get on the path to financial success. Periodically, they create blog entries on various topics related to financial wellness. In this post, accounting major Simon Romero ’24 shares his three tips for college students managing their money.
know money
Budgeting doesn’t always have to be difficult, but a budget can only be as good as the information you put into it.iGrad has budgeting tools and other resources to help you get started. There are also apps that make it easier to budget and track your spending, such as Mint, Good Budget, Personal Capital, or tools provided by your bank. A budget works if you put in the effort, know your needs and wants, and how you spend your money.
prepare for the future
Saving money can be difficult, but it’s not impossible. Starting small is the best way to get there. Include a savings plan in your budget by setting aside money toward your savings goals. You should save at least 20% of your income and have emergency savings ready. His 2021 Student Financial Health Survey at the University of New Haven found that 48% of his students find he struggles to have $500 in cash or credit in an emergency. A tip for improving your savings is to pay yourself first and set smart goals.
invest in more knowledge
Investing in learning more about money gives you control over your finances. Here are some steps to get more knowledge.
- Sign up for iGrad. This is a free, personalized financial literacy platform for New Haven University students. We have great courses, articles and videos to help you learn about various financial topics like budgeting, debt management, smart borrowing, credit and more.
- Join the Cashparency Financial Literacy Series. The series offers expert speakers on a variety of money topics, including money management, credit, and financial goal setting. Some events are PEP credit approved through the Pompea College of Business.
- talk to others. The Financial Wellness Program has Student Financial Wellness Peer Educators who can talk one-on-one about money and budgets.
So take control of your money and follow us on Instagram @unewhavenfinwell for the latest information and updates. You can also find us at myCharger in Student Resources under Financial Wellness.
Simon Romero ’24 is a Student Financial Wellness Peer Educator majoring in Accounting.
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