How to Handle Yourself Financially in College

Contributed by Douglas Lee, Case Western Reserve (Class of 2016)

• Get a job

This piece of advice may sound tired and you’ve probably heard it too many times, but there is really no better way of learning financial independence than through this experience. It helps keep you accountable for your spending and also helps you develop professional skills.


Finding a job is easier than you may think. Across the campus, there are many departments, labs, and other outlets looking for students for work. Try to find a job that suits you and one you can work up to 10-12 hours a week. It is awfully grueling to work 20+ hours a week while also handling a full course load.

Also, remember to be a good employee. Work hard in your position, and especially in internships/research jobs. These first experiences may lead to full time jobs after graduation. Later on, it’s often who you know, not what you know.

• Open a banking account

Now, with all your hard earned money from your campus job, what are you going to do with it? You should open a banking account with a debit card to store all that money so you don’t have those Benjamins just lying around! Having a debit card may help curb your temptations and impulses because you can only spend what’s in your account.

Try opening a bank that is local to your college town. You may have already opened a bank account back home, but if there aren’t many branches or ATMs around your campus, that account won’t do you much good. 

• Learn to work with a budget

Great, with a well-paying campus job and a bank account to store those $9.50/hour wages, the next step is to set up a monthly budget for yourself. Set up a monthly and weekly budget and keep track of your spending. It is very easy to lose track of your spending, with weekend outings with friends, local concerts, and great restaurants tempting you to empty your wallet.

You don’t necessarily have to spend money to have fun in college. Be on the lookout for campus activities / economical outings that your school provides.

• Make sure your financial aid is in check

Remember to keep track of deadlines and paperwork to hand in. Your financial aid may decrease substantially if you miss those important due dates. You don’t want to lose your chance at those tens of thousands of dollars that you have already been awarded just because you forgot about a deadline. Also, you may not get to register for classes in time, which only leads to disaster.

You never want to be in a rush for these financial aid matters because mistakes can be made in these situations, so make sure to be prepared.

• Apply for scholarships

This last tip may seem the most intimidating for students who have never applied for scholarships before. There are thousands of scholarships out there and they can range from a couple hundred dollars to a few thousand dollars. Don’t disregard the scholarships with smaller awards, as those will be easier to attain since they have a smaller applicant pool.

Hey, getting $500 for writing an essay about a random topic, or spending a little time to fill out an application and including a resume to earn a thousand big ones sounds

*For any Financial Aid Assistance, contact [email protected].