I’m excited to announce that I’ve been nominated for eCollegeFinder’s Top Blogger Awards! As part of our nomination acceptance, we were asked what we think is the best way for college students to stay financially fit. As someone who’s come a very far way in my own financial journey, the answer to this question is quite simple: Set SMART financial goals.

Invest in yourself.

As you’re choosing your classes, investigating potential majors and making new friends, don’t forget about your finances. If you’re like most college students, you may not have much money to work with. But regardless of how much money you have or what type of background/family you come from, the decisions you make about money while in college pave the way for your financial future. Set yourself up for success by taking the time to set goals.

Make sure your goals are SMART.

Scribbling down some random goals about how you want to manage your money while in college may sound like a suitable option, but don’t sell yourself short. In addition to setting your goals, you also need to work to reach them. In tandem with your academic and professional goals, set financial goals that have the following characteristics:

• Specific. This is just as it sounds–create goals that are clear. One way to ensure you’re creating a specific goal is to ask yourself what you want to accomplish. It’s also helpful to identify the benefit of accomplishing this goal. An example could be saving enough money for next semester’s books.
• Measurable. Measuring progress helps you stay on track to meet your goal. An easy way to do that is to tie a specific number to the goal you’re trying to reach. If you’re going to make your goal be saving enough for next semester’s books, make sure to write down the actual sum you’ll need; perhaps $500.
• Attainable. Remember that the goals you’re setting need to be realistic. It’s OK to stretch to reach a goal, but you shouldn’t be setting extreme goals and aren’t an option for your situation. Thinking back to the textbook idea, it’s not realistic to think that the average college student can save $1K each semester for books. Perhaps a better goal would be to figure out how to get yourself to the $500 mark.
• Relevant. There’s no point in setting a goal that doesn’t directly correlate with your current situation or needs. You need to focus your efforts on goals that matter to you now.
• Timely. Finally, your goals need to have a timeline associated with them. Having deadlines tied to your goals helps to keep you on track, keep them fresh in memory, and gives a tangible opportunity to evaluate your success when you reach them.

 

Patience is a virtue.

Once you’ve set your goals and are working hard to reach them, remain patient. Remember that you’re still in college and have a world of opportunity in front of you. There is no need to try to keep up appearances by charging things, gadgets and clothes you can’t afford or taking out student loans for expenses outside of tuition, room and board.

By setting your SMART financial goals and remaining patient as your work your way towards those goals and graduation, you’ll effectively be building a strong foundation for future financial success.

 

What advice would you give to college students for how they can stay financially fit?

 

Photo credit: borman818