ALL OUR TIPS FOR MANAGING MONEY AS A STUDENT!
For questions about your aid package, directly contact your financial aid team first! Find your team's contact information here. Explore the Student Account Services site & Financial Aid Award Breakdown (both accessible on MyAccess) to understand your aid & bill!
You may be eligible for two additional scholarships: the Student Health Insurance Scholarship & one-time laptop scholarship! Check with your financial aid team. Check this calendar for refund and withdrawal deadlines! Don't be afraid of loans! Subsidized loans can help you avoid credit card debt or having to work too many hours.
Don't forget about GSP Necessity Grants, especially the ones for first-year students!
For MSB students, look into the McDonough Success Fund! It can cover academic expenses, global opportunities, professional development costs, & more. Look for scholarships from the CMEA & The Corp! The Corp also offers storage options at the end of the year. Common $ense is a financial literacy organization that posts resources & hosts informative workshops!
The Hoya Hub Food Pantry is a useful resource for students on campus experiencing food insecurity!
Georgetown Mutual Aid is another available resource!
Budgeting is just a spending plan based on how much you earn and how much you spend! Don't think of it as a restriction, but rather as a helpful way to see where your hard-earned money is going!
Add the money you earn each month: net income (salary minus tax deductions), help from family, etc. It's always better to underestimate your income! Each summer, you should aim to save ~1k for a less stressful year.
Start with fixed expenses (regular payments that cost the same) like phone bills or tuition costs. Then list variable expenses (which change in cost and occurrence) like going out, clothes, household items, etc.
These can be short-term goals like saving up for a trip & setting up an emergency savings fund, or long-term goals like graduating debt-free!
This part is super customizable! A common split is 50/30/20, where 50% of your income goes toward necessities, 30% toward "wants," & 20% toward savings. Another method is to create different categories (such as travel back home, tuition, personal care, going out, etc.) with spending limits on each, so you can specifically adjust depending on your priorities.
You can always make changes as needed!
For more tips, check out our extra budgeting advice here!
T.J. Maxx- Generally budget-friendly!
CVS- Close to campus but can get pricey for non-medicinal items.
Target- Conveniently located in Rosslyn across the bridge.
Trader Joe's- Groceries here tend to be cheaper than Safeway!
Costco- Worth the membership if you like buying in bulk!
Ordering online- Convenient & you can compare prices easily!
Always search for a student discount before buying something! We recommend installing Honey & signing up for StudentBeans to get student discount promo codes for a variety of different stores. Check your bank app for cashback deals (ex: Wells Fargo Deals)! Sign up for (free) loyalty programs to earn rewards or discounts!
If you get a refund, save it for flights back home, books, & supplies!
Always prepare for unexpected expenses & remember that small expenses can add up quickly, so be mindful of your spending!
Download Cash App, Zelle, or Venmo: you'll use this with friends!
If you have a card, set up Apple Pay/Google Pay on your phone.
If setting up a credit card, compare different options based on annual fees, credit limits, cashback deals, & student rewards!
Search for jobs on the HoyaWorks website and filter based on work study, location, hours, & more!
Tip: Some jobs are only for students with a Federal Work Study (FWS) award: check your aid package! This doesn't necessarily mean that you have to work; if you do, paychecks will be directly deposited to you (doesn't automatically go toward tuition in MyAccess).
We'd encourage you to settle into college life before looking for a job! Not all jobs have the same time commitment: some jobs, like front desk jobs, allow you to do homework on the job during slow hours!
The Cawley Career Center can help you review & polish your resume! Some offices offer fellowship opportunities for students who cannot complete an I-9 due to status. Check with the Undocumented Student Services Director for more information!
We recommend opening a bank account & setting up direct deposit as soon as possible to receive refunds, grants, & paychecks faster! Keep in mind that setting up direct deposit for refunds & grants is a different process than setting up direct deposit for paychecks (through the Georgetown Management System). If opening a new account, ask about special deals for students! Make sure your bank has a DC branch (preferably near campus)!
Georgetown is a PNC campus: all campus ATMs are for PNC Bank. Another option is to open an account with GUASFCU, Georgetown's student-run credit union. They also have a credit builder program available to students. Look into opening a high-yield savings account!
