Author: Caleb Bendixen

Life as a college student is stressful. You have to balance many things at once and oftentimes your own finances get overlooked. Many college students are never taught how to take care of their own finances which adds further stress to their lives. I am going to give you some things you can start doing now to take control of your financial situation and set you up for success.

Budgeting

Creating a budget is simple and easy to do and will help you learn more about your money habits. Tracking the money you have coming in and the money you have going out will help you grasp how much you are really saving and spending. To create a budget track how much you spend in one month and how much you make in that same month. Then sort your spending into categories (Food, Housing, Entertainment, etc.). Use this information to set a budget of how much you are going to spend every month to ensure you are saving money. The most important part of a budget is sticking to it!

Savings/Emergency Fund

Once you have your budget down and can consistently save money, putting your money in a savings account is the next step. Even if you are saving a small amount at a time, getting into this habit is very important. It is recommended to keep 3-6 months worth of expenses in an emergency fund in case of unexpected costs such as car repairs or medical bills. After you have your emergency fund account, put the rest in a normal savings account that you will take spending money out of.

Pro Tip: I recommend looking into high yield savings accounts that will give you around 4% return on your money for just having it in the account.

Credit Cards/Credit Scores

Be mindful of credit cards. While they can help build credit, it’s crucial to use them wisely. Only charge what you can afford to pay off each month, and avoid carrying a balance to dodge high interest rates.

More information regarding the best credit cards for college students as well as how to build your credit is available on the Financial Literacy Center’s blog.

Link: https://blogs.uww.edu/financialliteracycenter/

Take advantage of Free Resources

The Financial Literacy Center offers free one-on-one coaching, workshops, and tools to help you make informed money decisions. We are Located in the University Center room 129 and make blog posts like this twice a month. We are always willing to help!

Student loans can be a burden after graduation, but with careful planning and smart financial decisions, college students can reduce or even avoid them altogether. By exploring alternative funding options and making cost-conscious choices, students can work toward earning their degree with minimal debt.

Step 1: Maximize Scholarships and Grants

• Apply for as many scholarships as possible, both from UW-Whitewater and external sources
• Complete the FAFSA early to qualify for need-based aid
• Research grant opportunities related to your field of study
• Check with local organizations, employers, and community foundations for additional funding

Step 2: Choose an Affordable School and Program

• Attending a public university like UW-Whitewater, which offers quality education at a lower cost compared to private institutions
• Completing general education requirements at a community college before transferring
• Exploring in-state tuition benefits
• Choosing a major with strong job prospects to ensure a return on investment

Step 3: Work While in School

• Part-time jobs: Consider flexible work options like tutoring, retail, or food service
• Side gigs: Freelancing, babysitting, or selling handmade items online can provide extra income
• Internships: Some internships offer pay while providing valuable career experience

Step 4: Live Frugally and Budget Wisely

• Living with roommates or at home to save on housing costs
• Cooking meals instead of dining out
• Using public transportation or biking instead of owning a car
• Buying used textbooks, renting them, or using library resources
• Taking advantage of student discounts for entertainment and shopping

Step 5: Pay Tuition in Installments

Some colleges, including UW-Whitewater, offer tuition payment plans that allow students to spread costs over the semester instead of taking out loans. Check with the Financial Aid Office for details.

Step 6: Only Borrow What You Absolutely Need

• Opt for federal loans over private loans, as they typically have lower interest rates and better repayment options
• Avoid borrowing for non-essential expenses like vacations or luxury items
• Research repayment plans and forgiveness programs before taking out loans

The holiday season is a great time to show those that you care about how special they are, and a great gift doesn’t have to break the bank! Whether you’re shopping for family, friends, coworkers, or anyone on your list, here are five thoughtful and versatile gift ideas, each under $20, that will bring joy without stretching your budget.

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1. Customizable Mugs

• Why it’s great: A personalized mug is perfect for anyone who enjoys a warm cup of coffee, tea, or cocoa. You can easily find mugs that allow you to add a fun message, their initials, or a custom design.
• Where to find it: Many online stores, like Amazon or Etsy, offer customizable options for under $20. Look for options with fun patterns, sayings, or a photo option for a personal touch.

2. Mini Succulent Planter

• Why it’s great: Small plants bring a touch of nature indoors and are known for improving air quality and reducing stress. Succulents are easy to care for, making them perfect for both experienced plant owners and beginners. They’re low-maintenance, and add greenery to any space.
• Where to find it: Local garden centers, big-box stores like Target, or even online shops. Many sellers offer affordable single succulents or bundles with a small pot, all within the $20 range.

3. Portable Bluetooth Speaker

• Why it’s great: Whether for listening to music, podcasts, or audiobooks, a portable Bluetooth speaker is a gift anyone can appreciate. It’s compact and perfect for on-the-go listening, so the recipient can take it to the beach, park, or enjoy it at home.
• Where to find it: Major retailers like Walmart or Amazon offer a range of small, budget-friendly Bluetooth speakers. Many models are available under $20, with decent sound quality and battery life.

4. Desk Toys & Fidgets

• Why it’s great: Perfect for anyone who spends time at a desk, fidget toys or small desk gadgets can add a bit of fun to the workday and even help reduce stress. There are options for all types, from calming sensory items to classic stress balls.
• Where to find it: Check out places like Five Below, Target, or even bookstores, which often stock affordable options. You’ll find everything from mini magnetic sculptures to fidget cubes and stress-relieving toys within your price range.

5. DIY Hot Chocolate Kit

• Why it’s great: A DIY hot chocolate kit, complete with a mix, marshmallows, chocolate chips, and maybe even a mini whisk or cinnamon stick. It’s thoughtful, easy to put together, and can be customized with flavors or toppings the recipient loves.
• Where to find it: You can make your own kit with affordable items from a grocery store or buy a pre-made one from specialty stores or online. Look for affordable gourmet options, or make it yourself for a truly personal touch.

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Happy Gifting!

Each of these ideas is affordable, thoughtful, and flexible enough to appeal to almost anyone. Plus, at under $20, they’re friendly budget friendly. Happy Holidays!

In today’s digital world, social media plays a significant role in our daily lives, connecting us with friends, family, and communities. However, with these connections come risks, especially for college students navigating their academic and personal lives. At the UW-Whitewater Financial Literacy Center, we believe that understanding social media safety is just as important as financial literacy. Here are some key tips to help you stay safe online.

1. Protect Your Privacy Settings

One of the first steps to ensuring your safety on social media is to review and adjust your privacy settings. Most platforms offer options to control who can see your posts, comment on your content, and send you messages. Consider setting your profiles to private and limit your audience to friends and family. This can help prevent unwanted attention from strangers.

Action Steps:

• Regularly check your privacy settings on platforms like Facebook, Instagram, and Twitter.
• Be mindful of what you share publicly, as even seemingly harmless information can be used against you.

2. Think Before You Share

It’s easy to share updates and photos in the moment, but it’s essential to think about the long-term implications of your posts. Once something is online, it can be challenging to erase it completely. Consider how your posts might be perceived by potential employers, professors, or future connections.

Action Steps:

• Ask yourself: Would I be comfortable if my family or future employer saw this post?
• Avoid sharing sensitive information such as your location, financial details, or personal identifiers.

3. Be Cautious with Friend Requests

Social media is a great way to meet new people, but not everyone has good intentions. Be aware of friend requests from strangers, especially those who seem to have incomplete profiles or mutual friends you don’t know well. Scammers often create fake accounts to gain access to your personal information.

Action Steps:

• Verify profiles before accepting requests.
• If someone messages you with a suspicious offer or request, do not respond and consider reporting the account.

4. Recognize Phishing Attempts

Phishing scams can occur on social media just as they do through email. These scams often involve messages that appear to be from legitimate sources, asking for personal information or directing you to fraudulent websites.

Action Steps:

• Be suspicious of messages that create a sense of urgency, such as claims that your account will be locked unless you act immediately.
• Never click on links from unknown sources or provide personal information unless you are certain of the recipient’s identity.

5. Educate Yourself on Online Etiquette

Maintaining a respectful online presence is crucial not just for your safety but also for your reputation. Be aware of how your comments and interactions can impact your digital footprint.

Action Steps:

• Engage positively and constructively with others.
• Think before you comment or share controversial opinions, as they can spark unwanted conflict.

6. Keep Software Updated

Ensure that your devices and applications are up to date. Regular updates help protect against security vulnerabilities that could be exploited by hackers.

Action Steps:

• Enable automatic updates for your operating system and apps.
• Use reputable antivirus software to protect your devices.

7. Report Suspicious Activity

If you encounter any suspicious behavior, whether it’s a message from an unknown source or a post that seems inappropriate, don’t hesitate to report it. Social media platforms have mechanisms in place to handle such issues and protect their users.

Action Steps:

• Familiarize yourself with how to report accounts or posts on each platform.
• Don’t hesitate to block users who make you uncomfortable.