Most students find themselves deep in debt with the majority not knowing how they got there. The fact is, most students in their college years are being in charge of their finances for the first time and as such have no idea how to manage and keep funds without falling into depth. Most students not being the source of their finances don’t really understand the basics about how to manage these funds and maximize the funds at their disposal. This article is here to guide you as a college student on what to do and what not to do as it pertains to your finances. These 30 financial tips will guide you on how to be a bit more conservative as a student, helping you save more and avoid the deep ends of debt. I would also talk about why you should care about your finances as a student. So, without waiting any further, let’s get right into it.
Why should you care about moneywhile in college?
As a college student is no surprise that most people, if not all, have once or twice maxed out credit cards in a matter of days with no concrete memory of what we spent all that money on. Not caring about your finances or money would leave you in a situation where you have emptied your credit card, overdrawn from your bank account, totally wrecked your credit score, signed leases for apartments you are not able to afford, and have no dime whatsoever in your emergency savings. You could be working a series of student jobs and still never have enough at the end of it all. Do you want to know what you are doing wrong? Well, the fact probably is you don’t care about money as you should and trust me you should. So below, I would be writing down some tips for you to see where you have been getting it all wrong all this time and help you figure out a pattern that works for you and would set you on the right track. Below, we will discuss the financial tips for college students.
30 financial tips for collegestudents
1. Don’t buy new textbooks
As much as possible avoid buying new books. They only rake in cost and most of the time it isvery unnecessary. Old textbooks can be borrowed from colleagues that are higher up in class or from libraries. Fact is, there are just some textbooks you don’t need to bother owning and, in that case, just borrow them from the library and read as much as you can and when you are done you can return them. You would never really realize how much books cost until you stop buying them and instead ofsaving funds that would have been used to purchase textbooks that you might end up needing for just one semester.
2. Take advantage of campus activities
A lot of activities going on in the school which you can attend for leisurely purposes. Are you thinking of going to the mall to see a movie? Why not save up and rather go for a campus movie night at the auditorium. Also, you can skip the clubs and paid entry parties and just attend regular frat parties on the campus. Don’t get me started about the balls and dances. You can have all the fun you want from free college activities. So, I would advise you to look out for them. Read: 30 Effective Tips for Success in Law School
3. Make your own coffee
If you can, and you do coffee, then it’s about time you start making your own coffeeand stop those trips to the coffee shop. You can easily get yourself a cheap coffee machine and start brewing your own coffee every morning and you get to save those little changes you feel don’t matter that you usually spend on coffee.
4. Be smart with credit cards and checking accounts
Owning a credit card comes with great responsibility. You might have noticed that aa lot of credit card companies have their booths situated all over the campus because fact is, college students are easy targets. Now, I know that having a credit card and being responsible, and having a good credit score can be very challenging but trust me it can be done. You need to use your credit cards only for emergencies and always try to pay them off as soon as possible not letting them accumulate. If possible, always try to pay more than the minimum due. This is one of the financial tips for college students.
5. Test out of or transfer as many classes as you can
A single course in college can cost as much as thousands of dollars in tuition alone,whereas a similar course in a community college can cost way less. First of all, if you have done a similar course in a community college, ask the registrarabout transferring that course in but if you haven’t and it is possible to transfer the course from a community college, then what are you waiting for? You can go over to a community college enroll in the same course for a cheaperrate and have it transferred after you are done with the course. Also, if there are requirements that include something you already know, then you can chooseto ask about testing out of it and save the funds required to do the course all over again.
6. Don’t buy music
Yea, I know that getting all that exclusive content from iTunes can be great but inactual fact is not all worth the hype. You can opt for services on Spotify and pandora without going for the premium, and get to jam to all your favorite tunes without the extra $1.29 for iTunes. Then, if need be, for purchases, youcan save them for days when you have a gift card, then you can purchase away
7. Apply to become a resident advisor
If you are responsible enough and looking out for some way you can make a couple of buckswhile in college, then applying for the resident advisor isn’t a bad idea. In some colleges, RAs get free room and board which would save you a truckload of money. You are responsible for keeping an eye on those living in your hall and maybe organizing a few events here and there over time. You may be charged with other responsibilities depending on the situation at hand.
8. Go Generic
For mostpeople, this might seem like a fashion suicide when you aren’t always dressedin Fendi or Chanel but the fact is the generic brands would give you just aboutthe same quality without the overpriced brand.
9. Save your spare change
You might have heard the saying “a little goes a long way”, well that applies to yourfinances too. As generous as you would like to be with the tips, always remember to set some aside for later. One day you would never know what all these tiny drops of rain would do for you on rainy days. Also, you might be at a vending machine and need those extra loose changes for a drink or snack, instead of breaking a $20, you can easily pull out some loose change and save up the rest. Read: 100 Informative Speech Topics for College Students
10. Fill your birthday wish list with needs
If you are one who gets to have a birthday list, then I advise you use it wisely. When theopportunity presents itself, do your finances a favor by filling your list with only things you need and not things you want. That would help you save a lot in the long run cause well; you won’t get to buy those needs anymore with your own funds.
11. Always ask about the student discount
Now, a lot of stores and service centers offer amazing student discounts especially iftheir target population for the commodity is students. Why have you been missing out on these discounts? Well, you have never quite asked. So, when the time you go to make a purchase at a convenience store, maybe one on-campus or off-campus and close by, do well to ask if there are any student discounts.
12. Get a part-time job
To make those extra funds, you would need to get a part-time job you can work withwhile studying in school. A part-time job can earn you as much as $12 pershift. This can go a long way to boost your financial freedom as a student.
13. Set a budget
Setting a budget would help you plan how to manage your funds. Allocating differentfunds to different tasks would help you keep track of what you are spending onand how much you would be spending on it.
14. Track your expenses
Keeping a track of how much money you spend is a good financial tip that would help youkeep an eye on your finances as a college student. Pay attention to how much you spend and what you are spending on. This is one of the financial tips for college students.
15. Open a savings account
Opening a savings account would help you a lot as a student. It would help you in savingup your funds and keep them out of hand which would make it hard to spend.
16. Start building your credit score
You can never go wrong in building up your credit score which plays a huge part in apartmentrenting and buying cars amongst other things. Always try as much as possible to pay off loans as soon as possible or make down payments on loans little at a time
17. Cook on a budget
Forget the fancy food and the luxurious meals. Try cooking on a budget in which way youget to save off meals. Maybe once in a while, you might decide to spoil yourself a little bit and cook something fancy but try not to make a habit of it. Read: How can I become a Loan Officer very Fast? Training, Licenses, Salary & Cost
18. Create an Emergency fund
Try to keep aside some funds for emergencies. You won’t want to be trapped in a diceysituation and have no way out. So, if I were to be in your shoes, I would set aside some funds, maybe once a month or a week, which would be strictly for emergencies. And if the emergency happens to occur, do well to build up your emergency funds again in case something off-plan happens.
19. Have a debt payoff plan
If you have debts, you should also have a plan to settle those debts. Having a debtpayoff plan would go a long way to keep you out of debt and your debt at a minimum.
20. Start investing now
You can pick a great project and invest in it. Maybe you can look out for stocks or bonds that have a lot of potentials. Purchase as much as you can and leave it long-term to appreciate. You would be really grateful when these investments pay off.
21. Use credit wisely
First, the thing to always keep in mind when you have a credit card is, it’s not your money. It’s basically a loan you would have to pay back. If you fail to pay back on your credits it acquires interest and fees and you, we more. So, if you do have a credit card be mindful of what you spend on and also try as much as youcan to pay back on credits as soon as possible. This is one of the financial tips for college students.
22. Protect yourself
Now, you might be used to leaving notes of cash lying around, but the fact is this habit hasto stop. You would need to be more particular about cash especially around roommates and classmates or others who may want to borrow money or bring up great ideas on ways you could spend yours. Also, look out for identity theft when shopping online to avoid falling prey to online scammers.
23. Look for ways to spend less
Always take advantage of student discounts, check online for student traveling deals, check for student food, books, clothing, or entertainment deals. Keep tabs on your free coupons before a shopping trip and always stick to the generic stuff
24. Take control, and be responsible
With great power comes great responsibility. It’s about time you own up to your financialresponsibilities and start taking care of them. It’s left for nobody else but you. You should always try to be more intentional especially when it concerns your funds.
25. Be smart about your student loan refund
Student loans most at times are necessary to finance higher education, if you are partof this crowd then you might also be expecting some student loan refund after payment of tuition and loans. Now, what you do with this refund should matter, don’t go buying clothes and accessories you don’t need rather you should send the refund back to your loan servicer in that way you don’t borrow more than you need.
26. Stay away from Meme stocks
The development of fintech apps has made day trading easier than ever. You might find that it is easier to get stuck up on meme stocks which can take away with all your money because they lack the fundamental basis behind stocks. If you wish to invest early, always choose concrete stocks with long-term potentials that are not as volatile.
27. Beware of School-Sponsored Bank Accounts
Over the years, it’s been observed that School-Sponsored Banks have very high fees on their bank accounts and as a college student, this should be a major red flag. The key is to save money and not have the bank take away the few funds you saved. Try to always go for the choice of banks with the least or no fees at all. This is one of the financial tips for college students. Read: 30 Effective Tips For Success In Law School
28. Get organized
Organization would go a long way in helping you save your funds. The more organized you arethe less unplanned expenses you incur.
29. Entertain on a budget
When your friends say they are coming over. Don’t go and break the bank just to entertainthem or feel the need to throw an all-out party just for their entertainment. Also, try and entertain on a budget and try not to exceed said budget you wouldbe thankful for it.
30. Don’t always eat out
Try as much as possible to avoid eating out, especially in luxurious restaurants. Take some time out and cook something at home instead. You can make healthier cheaper food at home by yourself than throwing all that cash for just one meal at a restaurant.
Conclusion
Keeping an eye on your finances while you are in college would do you lots of good, not only for when you are still in college but also afterward. It would help you cut down on debts and help you start on the right path post-graduation. So, do make sure you abide by a few of these financial tips as a college student then come thank me later. These are the financial tips for college students. We hope you enjoyed reading through it.
References
www.fastweb.com/.forbes.com/.debt.org/meratas.com/bestvalueschools.com/
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