5 Ways to Tackle Personal Finance

May 16, 2016

Personal and general finance are not topics that most high school or college students know about these days. Only five US states require students to take a semester of personal finance classes, so plenty of students leave home with little to no knowledge of how to make financially sound decisions. 

personal finance tips for high school and college students
Whether you’re just starting to learn about finance or you’re a discount and budgeting master, here are some basic tips that every student should know about owning your personal finances:

1. Use Apps. While it might sound odd, finance apps are the wave of the future. Most banks utilize Android and iOS apps to make the stresses of finances easy and accessible, while other companies (like Mint) are making it easier to keep track of your money.

2. Set Goals. Goal setting is one of the most important lessons to learn early on, especially when it comes to personal finance. Understanding how much to spend and what to spend on isn’t an easy task, but taking time to map out your fixed costs and variable costs will help a lot.

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3. Simulate Your Budget. These days, there are plenty of online tools that you can use to help you practice budgeting. Budget Challenge is one tool that will give you a basic understanding of real life situations.

4. Make Mistakes Early. Falling flat on your face certainly feels embarrassing, and is rarely the best outcome. But making a mistake here and there can be a great way to learn.

5. Be Open, Ask Questions. Plenty of students out there are still under parental supervision, so it’s more than okay to ask when you don’t understand something. Financial terms and concepts can get sticky very easily, so it’s common to get tripped up by something you don’t quite get.

College is where you’ll spend four years of your life learning, developing critical skill sets, and expanding your social circle. Make an informed choice by talking to current students on our mentorship platform. Access 60,000+ successful college application essays and advice answers uploaded by college students - plus, they get paid when you view them.

About The Author

Drew Evans
Drew Evans

​Drew is a content and social media guru. When he’s not working, he loves to photograph, play music, play sports, and travel. He is also weirdly obsessed with Thai food, Girl Scout cookies, and learning new languages (even though he’s not fluent in any). For any editorial ideas, contact info@admitsee.com.




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cerealjess
Brown ‘21


Accepted to Brown, Vanderbilt, Smith, Harvey Mudd, Washington, UC Berkeley, Duke, UCLA, Swarthmore

I'm a daydreamer passionate about societal transformation... who also happens to spend way too much time watching makeup tutorials.
lizolat
Yale ‘20


Accepted to Harvard, Yale, Princeton, JHU, Duke, Brown, Dartmouth, WashU, USF, Florida, UCF

My name is Elizabeth, and I am from a small town in Florida. I graduated from Land O' Lakes High School, and am now a student at Yale University. My intended major is Biomedical Engineering with a Molecular Engineering focus, and I am a pre-med student.
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Duke ‘19


Accepted to Duke, Northwestern, Elon , William & Mary, Centre, Campbell

I am someone who always shoots for the moon so that if I miss, I will land among the stars.
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