Personal Financial Management

ABC's For College Students

Whether you are new to Missouri S&T or working on your PhD, you need to have a financial game plan. Unless you have unlimited financial resources you need to make choices about how you spend your money and make it last the entire year. The following tips will help you avoid financial problems.

Develop a realistic budget - Make a list of things you'll have to buy and what they will cost. Compare this with what you have to spend from savings and such sources during the school year as a job, scholarships or parents.

  • Track your finances - Keep track of your income, expenses, and debts in a small ledger or on a computer. This will help you know where you stand and also help in avoiding any unpleasant financial surprises.
  • Evaluate all "great deals"Your mailbox (snailmail and electronic) will bring a host of offers to buy everything from stereos to DVDs. Ask yourself if these offers fit your "must have" budget. Check the fine print on these deals before buying to fully understand your total costs and future obligations.
  • Shop aroundYou can achieve savings on class and personal needs by checking our all possible sources, including the Internet. Look for used textbooks and lab equipment. Look for the best prices for everything.
  • Credit cardsOver half of entering freshmen now have credit cards and standing debt on those cards. If you don't have income to pay off those cards, do not use them. Digging yourself out of a financial hole is not something you want to do after getting your first job. As a college student you will be offered credit cards many, many times. Evaluate offers carefully and be sure you understand the terms and conditions before you sign up. Shop around to get the best terms. Find out what the interest rate is on the unpaid balance. Is there an annual fee?

Use your credit wisely and live within your budget. Try to pay off balances promptly to avoid interest charges. Keep a record of your credit card numbers in a safe place at home. If a card is lost or stolen, notify the card issuer immediately. Check your statement to make sure it is accurate and the card has not been used fraudulently.

Missouri S&T does not release student's address information to any outside companies and at the request of student council does not allow credit card companies on campus. If someone approaches you on campus with a credit application, report it to the Department of Student Life located in 218 Havener Center.

For additional information, contact the Department of Student Life at http://studentlife.mst.edu . Staff members are available to provide programs on financial management to student organizations.