Smart Decision?
A simple rule that helps students divide their income into needs, wants, and savings.
50/30/20 rule
Money borrowed for school that must be repaid with interest.
Student loans
This is the monthly plan you create to tell your money where to go.
A budget
Borrowing money and paying it back on time builds this important number.
Credit Score
Financial freedom is not about being rich—it’s about being this.
Being secure/ having control over your money.
The first step in taking control of your money (often done in the Notes app).
Tracking your spending/ budgeting.
Type of loans you should accept FIRST because they don’t charge interest while you’re in school.
Subsidized loans
A common financial trap for students: buying these too often instead of planning meals.
Eating out/ fast food
You should always keep your credit usage below this percentage.
30%
This type of fund helps you prepare for unexpected expenses.
Emergency fund
This small financial cushion (usually $200–$500) helps you avoid going into debt.
Mini emergency fund
The document you complete each year to access federal financial aid.
FAFSA
A part-time campus opportunity that reduces living expenses by covering room/housing.
Becoming an RA
The best way to avoid paying interest on a credit card.
Paying the balance in full every month.
A financial habit where you regularly put aside a small, consistent amount of money, even if it’s only $5 or $10—to build long-term stability.
Saving
A weekly habit that helps you stay aware of where your money actually goes.
Reviewing your bank statements.
This happens when you borrow more than you need for tuition and essentials.
Overborrowing
Your future landlord will likely check this before approving your apartment.
Credit score/credit report
Using a credit card for these types of purchases helps beginners stay in control.
Small, planned, predictable purchases.
This long-term goal helps you avoid living paycheck to paycheck and gives you flexibility when making major life decisions after college.
Achieving financial independence
This type of app or tool helps you organize expenses and set spending limits.
A budgeting app(Mint, Notion)
One smart way to reduce loan stress before graduation.
Paying interest early/ making small payments in school.
One of the biggest hidden expenses college students forget to track.
Subscriptions (Apple, Netflix, etc.)
The long-term benefit of having good credit (one example).
Lower interest rates, easier approval, and better loan terms.
Financial freedom is built on these repeated behaviors, not one-time actions.
Consistent habits/ consistency