Financial advice and a reference to the Amish, all in one post.

I did a post about finance a little while ago, but I really stressed my own personal financial trouble and didn't really offer any advice, other than how to create a metaphor in which you compare your mother's tight wad-edness to an Amish teenager on Rumspringa.

1. Have a bank account. This might seem like common knowledge, but I don't want to assume anything.

2. Make sure your parents have an easy way to send you money. Sending cash through the mail isn't safe, and despite how much Walmart advertises their $11 money transfers, having an account linked to your parents' at a bank that allows easy online transfers is the best way. I can't tell you how often I've been in a pinch and had to have my dad transfer money to my account in a jiffy.

3. Have an account at a bank on or near campus. Those $3 ATM fees will add up fast, and when you don't have that much to spend already, spending three bucks and getting nothing for it sucks. You don't have to keep a lot of money in the account, just enough so that you can grab a soda before class.

4. Know how to transfer money online, if your bank offers it. If you have two or more accounts, you may need to transfer money in between them quite frequently depending on which cards you can use at which vendors and ATMs.

5. Don't carry a lot of cash. You're on a college campus. You and your fellow students are most likely, quite poor. If you drop a $20 on the ground while scrounging in your pockets for $1 to buy a drink, that money will not be there once you've realized it's gone. Some lucky bastard will be $20 richer and you'll be living off Ramen for a week. Besides, credit/debit cards you can report stolen, cash you cannot.

6. Create, maintain and stick to a budget. Even before you get on campus, plan your spending out per week or month. If you're the kind of person that likes to shop, make sure you account for that. Take into account your alcohol expenses, and remember. Laundry costs money, and people will not like you if you stink.

7. Track your expenses. If you start spending more money on beer and less on clothes from Abercrombie, redo your budget to reflect this change. It'll prevent you from spending money you don't have at overpriced, over-perfumed clothing stores. This also includes monitoring your balance and activity online, which will help you notice any mistaken fees or charges.

8. Make sure your accounts are the right kind. My savings account was under the wrong label and as a result, was charged a $5 fee every month for two months before I noticed it. My checking account was also the wrong type and when I had to report my card stolen, its replacement came with my dad's name on it instead of mine. That required an additional trip to the bank. Not. Cool. Go to the bank and make sure your accounts are right. You might piss off the woman at the counter, but chances are she wasn't in a great mood before you got there anyway.


I'm not a financial expert by any means, and a lot of this is common sense. Or it might not be for you. It comes from my own experiences and being the daughter of a man who stressed financial management. Whereas I've been responsible for my money for most of my teenage life, many of my friends have never been responsible for their own finances before and half of them couldn't tell you the difference between a savings account and a checking account. (Google it if you don't know.)