Episode Details

College students may be experts at pulling off last-minute study sessions, but when it comes to managing money, cramming simply does not work.

The financial habits students develop during college can shape their decisions for years to come. Dr. Kelly Rush, a Finance Professor, Division Chair, and Financial Planning Program Coordinator at Mount Vernon Nazarene University, says this season offers students an important opportunity to build a strong financial foundation.

Rush, who also serves on the Board of Directors for Kingdom Advisors, encourages students and their parents to approach college finances with intentionality, clear communication, and biblical wisdom.

Start Building Financial Habits Early

Proverbs 22:6 says, “Train up a child in the way he should go; even when he is old he will not depart from it.”

Although this verse applies broadly to a child’s spiritual formation, its wisdom can also inform the way parents teach financial responsibility. The habits students establish during college may either move them toward wise stewardship or create patterns they will need to overcome later.

Unfortunately, many college students rely on what Rush calls a “mental budget.” They may have a general idea of how much they should spend, but few have a written plan or consistently track where their money goes.

Without those practices, students may watch their bank balances fall more quickly than expected without understanding why. A written budget allows them to compare what they intended to spend with what they actually spent.

College expenses may feel irregular, but that makes budgeting more important—not less. Learning to plan, track, and adjust now can establish habits that continue long after graduation.

Understand the Value of Time

One of the most important financial concepts for college students is the time value of money.

When someone saves or invests, time can become a powerful advantage. Even modest amounts accumulated consistently may grow significantly over a long period. That means college students do not necessarily need large incomes to begin building healthy financial habits. They need to begin early.

Psalm 90:12 says, “Teach us to number our days that we may get a heart of wisdom.” Ephesians 5:15–16 similarly encourages believers to walk wisely and make the best use of their time.

Students can apply that wisdom by beginning to save, give, and manage money faithfully while they are young. The earlier those practices begin, the more time they have to shape a lifetime of stewardship.

However, time does not always work in a student’s favor.

Time benefits savers and investors, but it can work against borrowers. The longer the debt remains unpaid, the more interest it may accumulate. Avoiding unnecessary consumer debt during college can therefore be just as important as beginning to save.

Recognize the Momentum of Small Purchases

Money moves quickly in college.

Students may understand major expenses such as tuition, transportation, or textbooks, yet underestimate the effect of frequent smaller purchases. Coffee, restaurant meals, streaming subscriptions, delivery fees, and spontaneous outings may not seem significant individually, but together they can consume a large portion of a student’s budget.

The problem is often not one unusually large purchase. It is the sheer number of transactions.

Tracking expenses helps students recognize this momentum before it overwhelms their finances. A budgeting app can be especially helpful for students who rarely use cash and manage most of their financial lives digitally.

The FaithFi app, for example, allows users to create a customized spen