Start Small, Start Young: Money Management Tips From TU Student Financial Expert

It can be challenging to keep track of your finances, especially if you are a college student.

T.U.'s student financial wellness consultant said the key things for college students to remember when it comes to money management is to start small, start young, and seek smart advice.

Dr. Thamara Barthelus said students should keep up with what, where and why they're spending their money.

Dr. Barthelus said keeping track of your receipts and calculating them weekly or monthly can help determine if you should reevaluate your spending.

She wants students to remember they're borrowing money when using a credit card and it's okay for college students to build credit. But if you're getting a credit card because you can't make ends meet, you should not get one.

“Sit down and determine how much income you have coming in and how many expenses you actually have at the end of the month. You cannot budget without having an accurate understanding of how much income you have and income can be anything," Dr. Barthelus explained.

She said a better option to start with could be a debit card, but be mindful of how many times you swipe it.

"It’s important to start thinking about saving now because you are doing yourself a favor. You never know what the future holds. So, when you start young you may use those funds and it’s just funds that you just had sitting in an account. And you realize, 'because I started young, I am now benefiting from it,'” Dr. Barthelus said.

Dr. Barthelus also said to not be afraid to ask for help, because repairing a financial mistake can be costly.