Money Management Tips

10 habits for financial success

By embracing these ten good habits, you can successfully finance your education and fulfill your educational and professional dreams.

  • Live below your means while in school. Don't live a lifestyle you can't afford.
  • Budget your money just as carefully as your time. Get on a monthly budget and stick to it.
  • Save a little each month (even if only $25), and plan for your financial future.
  • Keep accurate, well-organized records of your financial activities. The Record of Financial Assistance Form and MedLoans® Organizer and Calculator (MLOC) are two good resources for this.
  • Establish and maintain a strong credit history. Review your credit report annually.
  • Borrow the minimum amount you need.
  • Be a well-informed borrower. Not all loans are alike; know the differences and borrow wisely.
  • Pay your credit card bill(s) in full each month. Limit your use of credit cards, and save them for emergencies.
  • Limit the number of credit cards you have to just a few. Limit your total available credit as well.
  • Be realistic about how much money you will earn once you graduate. Don’t count on any immediate financial windfalls.

Embrace these habits if you haven't already done so. The longer you wait, the more difficult it will be.