Financial Literacy for College Athletes: 5 Tips for Managing Your Money

As a college athlete, you have a lot on your plate. Between practices, games, and classes, it can be easy to put your financial responsibilities on the back burner. But it's important to prioritize your finances and make smart financial decisions, especially during your college years when your income is limited.

To help you get started, here are 5 tips for improving your financial literacy as a college athlete:

1. Make a budget: The first step to managing your money is understanding your income and expenses. Make a budget that outlines how much money you have coming in (such as scholarships or part-time job earnings) and going out (such as rent, groceries, and entertainment). This will help you make informed financial decisions and avoid overspending.

2. Save for the future: It's never too early to start saving for the long term. Consider setting aside a portion of your income for short-term goals (such as paying off student loans) and long-term goals (such as saving for retirement). Even small contributions can add up over time, so don't be afraid to start saving early.

3. Be careful with credit: Credit cards can be a convenient way to make purchases, but they can also lead to debt if you're not careful. Make sure to pay your bills on time and in full each month to avoid accruing interest. If you're having trouble paying off your credit card balances, consider reducing your spending or looking for ways to increase your income.

4. Don't let your finances take a backseat: It's easy to get caught up in the demands of your sport and neglect your financial responsibilities. But it's important to make time to manage your finances and seek out resources (such as a financial advisor) if you need help.

5. Protect your income: As a college athlete, your ability to earn an income from your sport is limited to your college years. Consider purchasing an insurance policy to protect your income in case you suffer a career-ending injury.

By following these tips and staying proactive about your finances, you can set yourself up for financial success both during and after your college years.

Want to learn more about financial literacy for college athletes? Reach out to Next Door CFO to learn more about how we help athletes prepare for the future