My name is Griffin Eberly, I am currently a student at the University of Louisiana at Lafayette, and I am an intern at Mills Wealth Advisors for the summer. Managing money in college is hard. Most students are working part time, living on student loans, or relying on help from family. I wanted to avoid making the same mistakes I saw other people make. So I started learning. What I found is that even small decisions made early can set you up for long term success. This is the system I built while I was in school. It helped me stay out of credit card debt, grow my savings, and start investing. These arenât theories, but what worked for me.
Live Below Your Means This is where everything starts, and probably what most kids struggle with in college. You have to spend less than you make. That means tracking how much you earn and where it goes. It doesnât have to be perfect. I started by writing down the basics, rent, gas, groceries, and making sure there was something left over. If you live above your means, youâll never have money for emergencies, debt payoff, or investing. Youâll always be catching up. I decided early that I didnât want to owe anyone money. That mindset helped me avoid short-term thinking and focus on long term growth.
Start with a $1,000 Emergency Fund: The first financial move I made was saving $1,000 in a separate account. I donât touch it for everyday expenses. Itâs there for unexpected costs that would otherwise lead to using a credit card or borrowing from someone else. This account gave me margin. It let me borrow from myself when something went wrong. That kept me out of short-term debt and gave me more control over my situation. In college, this number may seem unachievable, but a few dollars set aside everyday will set you up for future financial success.
Pay Off Debt in the Right Order If youâre in college, chances are you already have or will have debt. Whether itâs student loans, car notes, or credit cards, the goal is to avoid being stuck in the cycle. I used the snowball method: pay off the smallest debt first, then move up. That gave me early wins and motivation to keep going. If youâre facing student loans, build your emergency fund before aggressively paying them down. Without a safety net, any unexpected expense will put you right back in the hole.
Build a Full Emergency Fund Next After I had $1,000 saved and started paying off debt, I worked toward a full emergency fund, about three to six months of expenses. For me in college, that meant enough to cover rent and car insurance for at least three months. I chose those categories because I knew I couldnât go without housing or transportation. This is the fund that will matter when you graduate. Once real bills start coming in, you need to be able to handle them without panic.
Start Investing Early The most important financial decision I made in college was to start investing. If you invest $100 per month in a Roth IRA for 40 years at a 10 percent average annual return, youâll have around $1 million. If you wait just 10 years and do the same thing for 30 years, the number drops to about $350,000. Time matters more than how much you invest. Starting early gives your money time to grow. This is where working with a financial advisor can make a real difference. Having a trusted guide to help you build a plan and stay on track is one of the best investments you can make.
Parents: Teach Your Kids to Manage Money Early One of the most impactful things my mom ever did for me happened when I turned 14. She stopped buying me non-essential things and instead gave me $100 a month. That money became my responsibility. I had to budget it if I wanted clothes, fast food, or anything extra. I blew through it the first couple of months, which is what most kids will do. But thatâs how I learned the scarcity of money, and how to prioritize my wants and needs. If you’re a parent, there are simple ways to build this mindset early. Take your kids to the grocery store with you and explain how you make spending decisions. If you gift your child a car, have them cover the insurance or gas so they feel real responsibility. Research shows that students who work part time in college do better academically. A study from the U.S. Bureau of Labor Statistics found that students who work up to 20 hours a week tend to earn higher grades than those who donât work at all. Itâs not just about the money, itâs about structure, time management, and learning how to balance real responsibilities.