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College is often the first time that students live independently, and with that independence comes the responsibility of managing their own finances.

While it鈥檚 an exciting milestone, achieving financial stability in college isn鈥檛 always easy.

Money problems can cause stress for anyone, but for college students they can also lead to lower grades, strained relationships and even mental health challenges.

A 2024 WalletHub study on the financial habits of college students found that:

• more than 70% of students feel overwhelmed by their financial responsibilities.
• nearly 40% say they are more comfortable discussing politics or sex with family than money.
• 46% report they are not prepared for financial independence.

Jonas Sheckler, assistant director of financial well-being in Towson University鈥檚 Career Center, says that starting to understand your finances early in your college career will help you post-graduation. 

"Many students want to move into their own apartment, or move to another city, or even just take some time living at home to build their savings," Sheckler says. "But, if students are not understanding their financial situations or aren鈥檛 taking their finances seriously, they could end up in difficult situations like being evicted or having to live at home indefinitely from things like overspending or not prioritizing saving money to achieve their goals"

Common money mistakes

Sheckler regularly works with Towson University students to improve their financial habits and understand how to handle their money. 

鈥淚t鈥檚 better to do it now while they are still in college rather than once they鈥檝e graduated and start paying bills,鈥� Sheckler says. 鈥淕etting bad habits under control, like overspending or over-relying on credit, will set students up for success in the future.鈥�

Some of the most common mistakes he sees include:

• Overspending or living above their means
• Ignoring their budget and not tracking expenses
• Trying to keep up appearances with peers
• Relying on credit cards and making only minimum payments

鈥淚t usually comes down to a lack of planning,鈥� Sheckler says. 鈥淚 also see students over-rely on credit and only make minimum payments, which can trap people in a debt cycle because of mounting interest charges.鈥�

10 tips to save money in college

To help students get a healthy leg up on their finances, Sheckler offers 10 tips that can help college students.

• Create a financial plan. Track your income and expenses to understand where and when your money goes.
• Limit student loans. Consider grants and scholarships first, as those are funds that do not need to be repaid.
• Open and maintain a bank account. Look for checking and savings accounts with no or limited fees.
• Get a part-time job. Explore flexible job opportunities on campus or in the local area.
• Use student discounts. Take advantage of discounts offered on and off campus for shopping, dining, transportation and entertainment.
• Plan meals and grocery shopping. Create a meal plan to avoid impulse buying.
• Limit credit card use. If you have a credit card, use it only for what you could buy with cash or use it sparingly.
• Save for emergencies. Aim to build a small emergency fund to cover unexpected expenses, even if it鈥檚 just a little each month.
• Educate yourself. Take advantage of financial well-being events, workshops and resources on campus or online to learn about budgeting, investing and managing credit.
• Network for opportunities. Connect with industry professionals through events hosted by the Career Center or your college or connect with professors on campus.

The Career Center also hosts workshops on topics like budgeting, banking basics and personal finances after graduation. These sessions can be requested by classes, student groups or organizations.