Joining college is not always easy for a good number of students. In most cases, this marks the first time you’re alone in a new or foreign ‘world.’ It is usually the first time you are responsible for how you use your cash. It is an exciting and fun adventure. However, it does not hurt to get advice from people who have gone through the same process.
Here, we’ll share some excellent tips from different students who have experienced and handled the same system. Eventually, it is our hope that you’ll start your life on the right track and create real wealth!
1. Understand That Now You Are On Your Own
As you start your life in college, you should first realize that you’re now independent. You are free to make those decisions that you feel the best shape your life.
Alan from real money adds that “Your parents are not always going to be around to guide you in your finances.” He reiterates that taking up the responsibility at an early stage places you in a better position!
2. College Marks The First Time Students Have To Budget
For several people, college is the first time they get to balance their expenses and incomes.
Now, this does not mean that you cannot have fun. However, you have to be a little bit smarter while spending your cash.
Studemonics’ Martin Dasko says that “as a college student, you need to know how to use your budget when it comes to partying.”
Even though your parents may tell you to stay in your hostels and study, the reality is that you’ll be tempted to visit clubs or late night social gatherings.
Exams and assignments cause heartbreak and stress meaning that you’ll feel compelled to let out some ‘steam.’
In this case, devise a mechanism that will help you organize the amount of money you’ll spend!
3. Take Up a Part Time Job
Getting well paying part-time employment opportunities gives you extra cash aside from the weekly or monthly pocket money sent to you by your parents.
Besides, as a student, it gives you real world skills, such as problem solving and communication.
4. Choose the Cheap or Affordable Activities
Other than only taking care of your resources, it is similarly important to take note of those captivating deals.
Remember that you are sure to come across enticing activities such as watching movies in cinemas, speaking forums or even visiting fitness rooms.
Money Crashers’ Andrew Schrage adds that “You should use your student identification card. It’s good for plenty of free and cheap entertainment.”
5. Take Care When It Comes To Credit
Credit card debts are familiar with several youths.
In their defense, it’s a whole new world that’s not even taught in these colleges.
Are credit cards relevant? Yes! However, it’s not about avoiding using these cards but learning how to be responsible for your use of such an essential resource.
6. Keep Your College Costs As Minimal As Possible
Try as much as possible to spend less on food, accommodations and school fees.
Money Manifesto’s Lance says that making use of scholarships is a fantastic way of saving up on the little cash you have.
He further adds that “just because you are no-longer a prospective student, that doesn’t mean there are no other more scholarships for you.”
7. Start Saving Up For the Future
College is the best time to save up on cash to use for the future. You could start a business and some well-earned extra money.
Invest and watch your interest increase your bank account as you sleep!
8. Make Use of Online Services
Students nowadays are earning money through online services. Such services include freelance writing and web-design as well as selling their products.
There are also attractive applications such as mint which help you manage your accounts all in one location.
9. Avoid Buying Expensive Learning Resources
Avoid buying expensive textbooks as they are budget-breakers for most college students. Instead, look for cheaper educational resources by maybe visiting sites such as Amazon and eBay or even reading campus bulletins.
In many of these websites, you’re likely to find credible textbooks which you can quickly rent!
10. Work With Friends to Reduce Your Expenses
Do you live in a dorm room or social hostel? If you do, then you could have each roommate make dinner every night. “That way, you spend less once a week and you’ll always have food once you get back home,” says Jillian Gardner from Facebook.
11. Cook Smart as You Shop for Food
Avoid eating out always as you’re likely to spend too much. Instead, shop for groceries and other food stuff and prepare your meals.
Eventually, you’ll find that you can save up on some cash and use it to perform other essential tasks.
12. Work At a Place Where You Can Get Free Food
Are there bakeries around your campus? Try and get a job in those locations and you’ll enjoy the gift of free food.
13. Proper Planning Is Essential
Write down your expenses before you start each semester. Include all house costs, fees, and any other important budgetary allocation.
Also, identify areas where you spend too much and make the necessary adjustments.
14. Avoid Taking Too Many Loans
Credit is required for any growing generation. However, taking too many loans from different money lenders without a stable form of income means that you may experience challenges in meeting payment deadlines.
Explore different options before you request for a loan. As a student, taking a loan should always be your last option!
15. Make Full Use of Technology
Create text and email alerts for all your bank accounts and credit cards as this helps you keep tabs on all your spending and avoid missing any payment deadlines.
“It is an easy way to stay in-the-know concerning all your finances,” says Creditkarma.com’s adviser Justin Rivero.
Besides, you can also ensure that you don’t spoil your credit limit through missed loan payments on your credit card.
16. Build On Personal Relationships
Personal relationships made while in school often turn to fruitful business relationships of the future.
Make friends and look for a mentor in your desired field to get more improved career advice. Being a socially active person boosts your prospects!
17. Make Proper Use of Insurance Services
Insurance is essential in the life of a student. More precisely, getting medical insurance services helps you settle for hospital bills whenever you fall ill.
Here, parents assist in helping you save money through such services.
It is necessary to note that several unexpected health problems may occur while you’re away from home. Therefore, with a suitable health insurance card, you get to enjoy fast and efficient health services!
All the seventeen listed tips above should help you save up on money and other valuable resources.
You need a settled mind as you go through different tasks in school such as writing good cause and effect essay topics or science projects!
We hope that you’ve learned something new and helpful as you go through the active learning process.
Even so, what challenges have you come across as you try to manage your school finances?