This document provides 3 personal finance tips for college first-years: 1) Follow the 50/30/20 budget rule where 50% of funds go to necessities, 30% to savings, and 20% to discretionary spending. 2) Use credit wisely by getting one credit card and paying it down each month to build credit history. 3) Live frugally by cutting costs through activities like doing laundry together, renting textbooks, taking public transit, having entertainment nights in, and learning to cook to save on food expenses.

1. 3 PERSONAL FINANCE TIPS
FOR COLLEGE FIRST-YEARS
B Y G A E T A N O S A C C O

2. SO YOU'RE OFF TO COLLEGE?
CONGRATS!

3. BUT CHANCES ARE THAT THIS
IS YOUR FIRST TIME AWAY
FROM HOME (NOT COUNTING
SUMMER CAMP, OF COURSE).

4. LIKE IT OR NOT, THERE ARE
NEW RESPONSIBILITIES TO BE
HAD... INCLUDING FOR YOUR
OWN FINANCES.

5. BUT KEEP THESE THREE
THINGS IN MIND AND YOU'LL
BE OFF TO A GREAT START.

6. 1. 50/30/20
B U D G E T R I G H T

7. KEEPING THE
DOLLARS IN ORDER
Whether or not you have a steady source of
income like allowance from parents or an on
campus job, you need to set a budget for the
money you do come across. Half of your cash
should be put towards fixed costs like bills
(phone, car payments) or immediate necessities
(books, food). 30% should be put into a savings
account, and the remaining 20% is your pocket
change!

8. 2. USE CREDIT WISELY
K N O W W H A T Y O U ' R E G E T T I N G I N T O

9. CREDIT IS A TOOL
So use it what it was meant for-- building credit.
Just get one card and keep it paid down. it's
hard to justify multiple when you're living on
limited income. Although some will argue for
avoiding credit cards altogether, consider the
next few years a time for relatively easy credit
building. At the end of the day, no credit can be
just as damaging as poor credit. It's hard to
secure that apartment or car loan after
graduation when landlords and banks can't see
prior borrowing history.

10. LIVE FRUGALLY
B E S M A R T A B O U T P U R C H A S E S

11. FRUGALITY IS A
VIRTUE
If it was good enough for Ben Franklin, it's good
enough for you. Working part-time isn't going to
provide enough money to live like you may have
been used to. Look for ways to cut financial
corners. Combine laundry, rent books, and take
public transit (or get a bike). Instead of going out,
have an entertainment night in. And learn to
cook. You'll save a TON in food-related
expenses, and might even impress some friends.