Seven ways college students can manage their finances — because money decisions impact financial security when starting a first job after graduation

College students face many new responsibilities as they transition into adulthood. An essential part of this journey is learning how to manage money effectively. Sara Wilson, director of product innovation at Student Connections, emphasizes that the financial decisions made during college can significantly impact a student's financial security once they enter the workforce. Here are seven expert recommendations to help college students navigate their finances:

1. Start building your credit. Courtney Alev, consumer financial advocate at Credit Karma, suggests that college is an ideal time to begin establishing a credit score. A credit score, ranging from 300 to 850, influences the cost of loans, mortgages, and other financial services. Alev recommends beginning with secured credit cards or student credit cards, which are easier to qualify for and often come with lower credit limits. The key is to spend only what you can afford to pay off each month.

2. Budget as much as you can. Managing finances can be challenging when income is inconsistent. Lindsay Bryan-Podvin, financial therapist and founder of Mind Money Balance, advises students to create a budget by using an app, spreadsheet, or paper. Divide monthly bills by four to determine the weekly amount needed for savings. This approach helps students manage their money effectively, even with fluctuating income.

3. Start saving. Building an emergency fund is crucial, as it provides a safety net for unexpected expenses. Alev advises students to aim for three to six months' worth of living expenses before investing. This ensures that they have financial stability before pursuing other financial goals.

4. Talk about money with your friends. Open communication about finances can help prevent overspending and ensure that spending aligns with personal priorities. Bryan-Podvin suggests being transparent about financial constraints and clarifying spending goals to make informed decisions.

5. Have a plan for your student loans. While student loans typically begin repayment after graduation, it's essential to have a plan while still in college. Understand the total amount borrowed, expected repayment, and monthly payments. This knowledge prepares students for the financial impact of their loans after graduation.

6. Take advantage of campus resources. Universities offer various resources to support student financial wellness. Phil Schuman, executive director at the Higher Education Financial Wellness Alliance, recommends utilizing these resources, such as financial aid offices or budgeting workshops. These services aim to help students navigate their financial challenges without judgment.