January 7, 2019 By Jodi Okun

Money Management Resolutions

Whether you are in high school or college, becoming a senior is a big achievement. You have met the challenges, closed one chapter, and are moving on to the next stage of your life. This usually means college for most high school seniors, and advanced education or job interviews for college seniors.

There will be many new adventures ahead, and you might not think you are prepared to get through them all successfully. One area of focus should be money management. You might have seen or heard about problems your friends are having adjusting to their new financial situation. While learning to handle your own money can be a big transition, there are steps you can take to make things easier for yourself. Here are some great money management resolutions seniors can use to get a head start on successfully navigating the game of life.

Money Management Resolutions for High School Seniors

Congratulations for getting through the entire college application and financial aid process. That is a really big achievement. There will be a few adjustments now as you move from being under your parents’ guidance to taking charge of your own schedule and finances. It might be surprising to find out how much your parents do for you, so here are some resolutions to get ready to handle money better on your own:

  • Keep applying for scholarships: Scholarship season does not end December 31. Scholarships are available year-round and also after you get through the first year of college. Even a few hundred dollars can buy books or pay for those everyday expenses that add up quickly. Check out the College Ave Student Loans scholarship monthly sweepstakes where you could win $1,0000 for school.
  • Earn as much money as possible: College education expenses, living costs, and a few fun activities can add up. Your parents might not be able to fund everything, so earn as much money as you can through the rest of this high school year and summer, so you’ll have a good money fund to start college.
  • Spend as little money as possible: It can be hard to think about driving an older car, using last year’s smartphone, or missing out on a vacation, but start making value choices about where best to spend your money. Don’t get into a money hole early in life.
  • Borrow wisely: It sometimes makes sense to borrow money for appropriate goals like getting an education or buying a home, but just do it wisely. Don’t borrow more student loan money than you need, don’t spend it on everyday expenses, and check your options carefully before taking out private student loans. Tools like the College Ave Student Loans calculator can help you figure out the total cost of the loan and ways to save.

Money Management Resolutions for College Seniors

Congratulations are in order for you, too, as you get closer to your big achievement. If you haven’t learned about money management yet, it’s not too late to start. Here are some resolutions to get started:

  • Learn to budget: If you will be on your own after college, you need to put a budget in place. Look at how much money you think you will earn, and compare that against your living expenses. Make wise choices about transportation, living arrangements, and purchases. There is a lot that goes into setting up your own household, and you might be surprised at how expensive it can get.
  • Pay attention to student loans: Now is the time to start thinking about repaying student loans, not after graduation. You will be far too busy then with other life plans. Gather up all the documentation you need, find out how much money you will be expected to pay each month, and learn about repayment and refinance options if the budget figures don’t balance. Don’t ignore this important responsibility, as student loan debt can swiftly add up if you don’t make payments.

Just remember that you do not have to do everything on your own. There is a support network to help you, including your parents and private financial counselors.