It's never too early to start thinking about your finances.
"Young savers are often lower earners, since they are generally only working part time during the school year or a paid internship over the summer," Kelly Lannan, financial service company Fidelity's director of women and young investors, tells Business Insider. "While you qualify, open a Roth IRA and put some of your summer earnings into a tax advantaged account that will grow tax-free throughout your whole career."
You'll have to pay taxes on the income, but you'll likely be in a low tax bracket. When you start thinking about retirement, you'll have a sizeable nest egg, thanks to tax-free compound growth."
That also means learning how to file your taxes.
"It's not something that most college students think about, but the more equipped you are with this piece of knowledge as you enter the workplace the better," Matt Scanlan, founder and CEO of retail company Naadam Cashmere, tells Business Insider. "There are so many great tools that allow you do file taxes on your own. Learn what you can deduct for and what you can't — it will make all the difference and likely lead you to a nice refund check come April."
Lastly, don't take out unnecessary loans in college.
"Live modestly," Miko Branch, CEO and co-founder of haircare brand Miss Jessie's, tells Business Insider. "Borrowers now leave school owing on average about $34,000. That's more money than most first year salaries in many industries. Rough it. You'll thank yourself later."