Personal Finance Habits: 11 Things Students Must Do To Be Rich

If you are thinking of becoming rich as a student, we have news for you. Nobody gets rich without a process. These “overnight successes” that you see are usually the result of years of hard and conscious work. So, to join the band of rich people, you must know and imbibe these Personal Finance Habits for students.

The same principles apply to absolutely everyone! When you are ready to do work and make sacrifices, you are on your way to creating wealth, even as a student. You have to start now and build on what you have achieved.

Remember that the key to financial success is knowing how you spend your money. Also, remember that there is a difference between whether you are cheap or have a sense of spending. There is nothing wrong with living within your means and not beyond.

In this article, we shall take you on a journey to discover Personal Finance Habits and Things Students must do to be rich.

What habits do millionaires have?

The 1st and most important habit millionaires have is money discipline. Though there are a plethora of habits millionaires possess, which of course, distinguishes them from everyone else, and though research has shown they tend to exercise regularly, maintain a healthy diet, save 10% or more of their income, read books, and manage their time wisely, they are one of the most disciplined humans on earth.

They understand the value of money so much that they know how to multiply their monies and get it to work for them.

What is the fastest way to be rich?

As shared by Tony Robbins, 5 ways to get rich faster include;

  1. Save more and invest the difference. Saving is not exactly sexy, but it’s a highly effective strategy for growing your net worth.
  2. Earn more and invest the difference.
  3. Reduce your fees and taxes, and invest the difference.
  4. Get better returns.
  5. Change your lifestyle.

See: 15 Best Personal Finance Classes Online For Beginners & PROs | 2023

Should College Students learn about personal finance?

Basic personal financial skills are one of the most important things you can do to live a healthy, happy, and safe life. Understanding budgeting, saving, debt, and investment affects every part of your life and can make the difference between wealth and poverty.

Personal finance is a necessary life skill that must be taught in schools. Here are the reasons why:

Money affects Everything.

From 18 in the US and a bit further or less than that in most countries, children are shot into a world in which their financial knowledge and skills directly influence every step from graduation to retirement in dealing with money.

Career decisions, buying your first house, getting married, wanting to have children – finances play a major role in each of these life events. And it’s not just the most important; Finance is part of our everyday life.

Whether we eat, buy, travel, go out with friends, or negotiate prices – we face financial decisions daily. Young adults lack the experience and training to make these decisions – large or small.

Lack of Financial Knowledge has painful consequences.

Finances are understandably one of the main causes of stress in adults. Everyone can relate to this stress; Even the richest people have had financial problems at one time or another.

Debt and/or a lack of savings can significantly strain a person’s life. And it doesn’t just cause daily stress. Financial problems can lead to divorce, poor health, depression, and bankruptcy.

Financial literacy leads to a healthier life.

More than half (51%) of millennial respondents said that their financial knowledge means they cannot make financial progress, compared to only 43% of Gen Z and 26% of Gen X and older.

What are the Personal Finance Habits of Students?

Let’s take a look at the series of Personal Finance Habits that every Student must do in other to be rich. These principles work for everybody, irrespective of location and background. It has helped many students conquer poverty in school, avoid debt, and set a good foundation for a stable financial future.

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15 Personal Finance Books That Can Change Your Life

Here is a list of the Personal Finance Habits every Student must do to be rich

  1. Spend significantly less than you earn
  2. Invest your money at a young age
  3. Avoid debt
  4. Save as much money as you can
  5. Find a career that you enjoy
  6. Start Building Credit
  7. Avoid Credit Card Debt
  8. Create a budget
  9. Build a Small Emergency Fund
  10. Find out how an investment works
  11. Have fun

Spend significantly less than you earn.

The first habit is to spend less than you deserve. And if you want to build wealth quickly, you have to spend significantly less than you earn.

You would think this would be a reasonable rule, but unfortunately, not. Most Americans spend a lot more than they deserve, which is why there is so much consumer debt. If you can introduce this habit at a young age, you are on the way to financial freedom.

Invest your money at a young age.

The sooner you start investing, the more time your money has to grow. That is why it is so important to invest at a young age.

Even if you only need to invest an additional $20 a week, you have to. These small amounts can grow into something big in twenty to thirty years.

Avoid debt

Debt should be your enemy. Those with mountains of student loans have probably already figured this out. Debt will keep you from so many financial options.

Make it your business to avoid all forms of consumer debt. If you already have debt, you need to work on getting rid of it before you can build wealth.

Save as much money as you can.

Saving to save is pretty pointless. Instead, you should set financial goals such as saving for a house, car, or early retirement.

Once you’ve set meaningful goals, store as much money as possible. Save for your current goals and your future.

Find a career that you enjoy.

You need to find a career that you enjoy. You won’t be able to take full advantage of your earnings unless you at least have a little fun doing what you do.

And who wants to do something they hated all their lives? Finding the perfect fit may take a while, but you will know when to find it.

Start Building Credit

Upon graduation, your credit score is one of the most important numbers in your life. It is a three-digit number that tells creditors how creditworthy you are.

In the past, only banks and credit card companies cared about it. Today anyone who grants any credit will be interested. A landlord will check your balance because he is expanding your accommodation.

Employers check your balance as part of a background check. It will be much more difficult to get many things if you have a bad credit score or no credit history.

Start building up loans at school. Get your credit card or let your parents add you as an authorized user. The earlier you start, the better.

Also, see: 15 Best College Savings Plans For Babies | 2023 Ranking

Avoid Credit Card Debt

Attending an expensive school makes it difficult to avoid student loan debt. Fortunately, student loans have cheap interest rates, and government programs can help you with the repayment. Student loans are almost unavailable.

But credit card debt is different. You can avoid that. Credit card debt can hold you back financially for years, if not longer, because interest rates are so high. They are often in the medium to high double-digit range.

When you’re able to budget, spend less than you earn, and stay away from revolving credit card debt, you’re way ahead of your peers.

Create a budget

Budgeting is the easiest life skill when you have a limited financial world. Budgeting is when you create an expense and savings plan. With an expense plan, you try to predict how much you will spend each month in different categories.

Over the month, you’ll see how you behave against your budget. The remaining money flows into savings. There are many ways to create and track a budget.

There are also many free tools to help you with this, and one of the most popular is Mint. The goal is to get used to building and tracking your budget.

Since your financial life is simple for now, this budget is easy to set up. Once you get the hang of it, you can do it after graduation when you reach the real world.

Build a Small Emergency Fund.

An emergency fund is a pot of money you keep aside for a rainy day. Put it in an emergency fund if you have a little more money. This fund protects you if you ever have to deal with an immediate or urgent financial emergency.

While you are in college, these emergencies will be minor. As you get older and take on more responsibility, potential emergencies increase.

With an emergency fund, you can avoid having these fees charged to a credit card. You can now make decisions from a financial, not a panic, perspective.

Find out how an investment works.

If you save money, your nest egg will start, but if you invest, it can grow. To build wealth, you must learn how to invest, and you can do that today with very little.

If you have income while studying, use the Roth IRAs. These are tax-free retirement accounts that borrow money after taxes. Get to know the pros and cons of investing in a Roth IRA, but leave everything else after graduation.

You are a student at first, but your education must include a little bit about how investing works. Learn more about the markets, how fees affect your investments, and stay primarily with funds within a Roth IRA.

Have fun

Last but not least, remember that college is a time to try new things when you have very little at stake.

Remember to have fun and graduate without regret. In the meantime, if you follow these simple financial tips, you don’t have to worry about your money.

Most students live on a budget. If not, they are likely to get into a debt cycle. While it’s neither fun nor easy, you can become smarter in spending your money.

Also, see: 10 Incredible Ways for Students to Save Their Money While Studying Abroad

What can I do to save more money as a student?

Here is a list of daily valuable Personal Finance Habits to live by in other to achieve an effective saving culture as a student

  1. Buy or rent used textbooks and sell back the books from the last semester.
  2. Do not make impulse purchases.
  3. Never go shopping when you are hungry.
  4. Limit the frequency with which you eat out every month.
  5. Cut out vice – smoking and excessive alcohol are terrible and expensive.
  6. Always pay your bills on time to avoid late fees.
  7. If you have a credit card, pay it out as soon as possible. (It’s good to take out a loan, but a bad credit score follows you everywhere.)
  8. Go, use public transportation, or ride a bike instead of having a car.
  9. Live with others so you can share rent and utilities.
  10. Cut out expensive cable packages that you don’t need.
  11. Consider simpler phone packages or plans that include unlimited SMS with free incoming calls
  12. Don’t buy the most expensive college meal plans. Find out what you are consuming and get the right package.
  13. Shop where student discounts are offered. There are many places where students can get discounts with a school ID.
  14. Check out a campus gym versus a gym in town. Many universities offer free or discounted membership for students.
  15. When planning meals, have dinner with friends, and share the cost of groceries. You often cook too much for one person anyway!
  16. Sell what you no longer use or need. There are many shops and websites like Poshmark and Craigslist where you can sell used clothing, furniture, or technical items.
  17. Do not buy unnecessary school supplies. Why buy awkward notebooks when you can type on your laptop? It’s better for the earth anyway!
  18. Don’t buy books you only need for a short time – check the library instead.
  19. Use what your campus offers in terms of activities instead of spending money on going out. Many locations have several museums and offer movie nights and other social events at cheaper or sometimes free prices.
  20. Skip expensive spring vacations and summer trips – instead, look for alternatives such as volunteering.
  21. Wait until after college to get a pet – a pet can get expensive. Not only do you have to feed another mouth, but veterinary bills are also expensive. If you love animals, there are many animal shelters that volunteers need.
  22. Go to class. You pay for it, and skipping is like throwing money out the window!
  23. Drink water. It’s free and better for you anyway.
  24. Make your coffee. While coffee shops are practical, they charge high prices that add up over time.
  25. Open a savings account that earns interest. Credit unions have fewer fees and are ideal for students.
  26. Use a free tool like FinAid Student Budget Calculator or the one offered by to keep an eye on your finances. It is harder to be frivolous when you see where your money is going.
  27. Never take out a loan for something that has nothing to do with your education.
  28. Don’t buy music. Use free services like Spotify or Pandora.
  29. Understand class requirements and class testing options. Why pay for a class that you can easily test?
  30. Consider becoming a resident advisor. Many are given free accommodation and meals.
  31. Avoid buying branded items. If possible, buy generic items. They are the same product at a greatly reduced price. You can even check the ingredients to make sure!

Personal Finance Habits – FAQs

Why is there a lack of financial education in schools?

A reason for the lack of financial education in schools is that education decisions are made on a state level, so there’s no federal mandate or guideline to help schools learn the most effective approach to teaching personal finance

Why are personal finance skills important?

This is so because the latter has planned for their money, saves, and lives within their means. Personal finance skills help you understand how much you earn and your monthly expenses and help you budget within that income.

What age is best to start personal finance education?

Personal finance education should start early at both home and school. Ideally, personal finance concepts should be taught in elementary, middle, and high school and should continue into college.


If one of your goals this year is to build wealth, you must master and observe these personal finance habits. Ultimately, the steps are straightforward. It is a test of character to play them.

If you want good financial habits, you have to develop them during your studies. College is a time of exploration, learning, and growth. It’s also when most of your financial life is still in training.

If you live on campus and are on the menu, two of your biggest financial items are processed – accommodation and meals. This means you manage a budget far easier than after completing your studies.

These are the times when you have set good personal financial habits that will serve you well after graduation.


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