Financial Literacy

One topic rarely addressed is financial literacy. College is generally a time when you will not have a lot of money. If you want or need to work, consider getting a job on campus. There are several advantages: you will be close to your job, your employers will be willing to work around your class schedule and will understand when you have exams, and sometimes it is possible to get in some study time during work hours. If you do a good job, it is very possible you can keep the job through your college career, possibly even in the summer. There should be a student employment office on campus to help with your search.

Here are some other things to consider:

* Do NOT sign up for a credit card as a fund raiser for campus organizations. Even if you do not ever use the card, it will appear on your credit history. You are starting to build your own credit rating now, and promotional credit cards will hurt your record.

* Think about buying used textbooks, renting books, or sharing books. Textbooks are a necessity but a huge expense.

If you have loans or financial aid, be sure that you understand the terms, conditions, and payment plan. It is important to know how many years or semesters the loan covers and if summers count as a semester. Also, is there a certain grade point average you must maintain or a certain number of credits you must successfully complete each academic year?

* Do it right the first time. Avoid failing or withdrawing from classes if at all possible so that you do not have to take (and pay for!) the class a second time.

* Be thoughtful and careful in your selection of a major. After the first year or so, changing your major could add a semester or more onto the semesters you need to graduate. Most colleges offer career exploration classes and have a career center that will work with you to select a major.

* You do NOT need a $5 cup of “designer” coffee or smoothie every day. Save that for a treat on Friday or after a major exam. Regular coffee or juice (or even water) is just as good and a lot cheaper.

Your education is a very expensive investment in your future.  Be smart and make the most of your time and money!

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First Semester Success: Learning Strategies and Motivation for Your First Semester (or Any Semester) of College, by Dr. Arden B. Hamer, is available at wordassociation.com, amazon.com and barnesandnoble.com.