As a college student, financial planning is probably the last thing on your mind. College is seen as a time for finding your passion, charting your career path and, of course, partying. But financial decisions you make in college will reverberate through your life for years, even decades.
With college costs soaring, more people are accumulating mountains of debt to pay for their education. However, that debt can affect your future in all sorts of ways — from what kind of car you can afford, how much you can save for retirement to whether you buy a home or rent. Minimizing your debt now will make life much easier once you're out of school.
Being broke can be part of the college experience, but the savviest students turn the financial pain to their advantage by learning money habits that will serve them well for the rest of their lives. "College is a great time to learn to live within your means," says Eric Roberge, a certified financial planner who runs Beyond Your Hammock and works with clients in their 20s and 30s. Even after you land your dream job, you'll still need to spend wisely and live within your means. So college is the perfect time to learn to take control of your personal finances.