Throughout April, LCC will share financial education information designed to make your life a little bit easier.

Making smart choices with your money doesn’t stop with paying for college – you need to learn about managing your financial life outside school, too. Did you know LCC’s Financial Aid Office – as well as other offices on campus – can help? Thanks to our partners at the National Association of Student Financial Aid Administrators (NASFAA), here are 10 tips to be savvy with your savings and celebrate Financial Literacy Month.

1. Create a budget: Start by calculating your monthly income and expenses. Use this information to create a budget that works for you. This can be done with pencil and paper, an Excel worksheet, or even an app. We will discuss this topic further next week.
   
   
2. Track your spending: Keep track of every dollar you spend to help you stick to your budget. We’ve seen working college students do this down to each Jimmy John’s sandwich. It really brings your hourly wage into perspective when you realize you have to spend the equivalent of another hour working just to pay for a DoorDash order!
   
   
3. Smart debt: If possible, avoid taking on debt. If you must take on debt, be aware of interest rates and make sure payments fit into your budget. As a Financial Aid Office, we would be glad to discuss the differences in debt options with you! Reach us at 517-483-1200, option 1, or financialaid@star.lcc.edu.
   
   
4. Save for emergencies: Set aside some money each month in case of emergencies. An emergency fund is imperative and can be started by saving as little as $20 a week.
   
   
5. Save for the future: Start saving for retirement as early as possible to give your money time to grow. Retirement plans through employers are a great starting point. We know retirement may feel like a million miles away, but statistics show that any money that is saved prior to age 35 has much more time to create compounded wealth.
   
   
6. Live within your means: Try to live within your means by avoiding unnecessary expenses and making smart purchasing decisions. As a college student, this can be difficult! We all want the latest and greatest phone, shoes, or computer. Making a budget and tracking your spending can be great tools to assist with this!
   
   
7. Plan for big expenses: Whether it's a down payment on a house or a new car, plan ahead for big expenses by saving up and making informed decisions about financing options. When buying your first house or first car, shopping around at different banks and credit unions to compare interest rates is important because as little as 1% in interest can make a huge difference in your overall expense.
   
   
8. Be mindful of credit: Behaviors that lead to carrying monthly balances and spending more than you would with cash or a debit card can lead to more financial problems than if you avoid using credit altogether. 
   
   
9. Educate yourself: Learn about personal finance and investing so you can make informed decisions about your money.
   
   
10. Ask for help: Don't be afraid to ask for help from a financial advisor or the Financial Aid Office at LCC! We are here to help you navigate your financial education. LCC has also partnered with WhichWay.org in providing Financial Wellness tools, assisting with budgeting, setting goals and applying for financial aid. Register for free today to learn more.

Stay tuned each week to learn more finance tips and tricks throughout the month of April!