15 Financial Tips for College Students

15 Financial Tips for College Students

College is an exciting time for most people. You get to learn new things, hang with friends and taste new experiences. While most people remember their good college memories, they forget about the hardship that some students face when they’re living on their own. Tight college schedules and the pressure of exams prevent students to work on full-time jobs, thus money management skills become crucial for every student.

 

If you want to graduate college with fond memories, read these financial tips to become a professional at managing your money:

 

  1. Buy used textbooks

Look online or check with your college bookstore for used textbooks for classes, which can save you some money. Selling back your used books at the end of the semester could also score you some extra cash.

 

  1. Live with others

Many students have to spend their college times away from their hometown. If your college or university doesn’t offer you a place to live in, try and live with others so you can split rent and utilities.

 

  1. Use student discounts

Shop where they offer student discounts. There are so many places that offer discounts to students with a school ID.

 

  1. Attend your classes

You’re in college to learn. Everyone skips now and then, but don’t make it a habit. What you learn and do now will have a profound impact on the rest of your life.

 

  1. Budget your money

Make a budget. At the start of the month, estimate how much money you’ll receive and decide where needs to go. You can use your smartphone or tablet for tracking your budget. Remember: you don’t need to spend it all.

 

  1. Shop smartly

Before heading out to the store, create a shopping list based on your needs. Try not to buy stuff that are not on the list. If you see something and you like it, add it to the next list and don’t buy it right away. You can save a lot of money by shopping smartly.

 

  1. Pay your bills on time

Make a habit of paying your bills on time, every time, to avoid wasting money on late fees. If your bank offers online bill pay, sign up to save time and stamps.

 

  1. Find cheap entertainment

There’s always something to do. Attend free movie festivals. Pay a few bucks to see the local symphony every month. Support the sports teams. Attend lecture series.

 

  1. Eat healthy

A healthy body costs far less to maintain than an unhealthy body. It’s possible to eat well on a small budget if you know what you’re doing.

 

  1. Avoid smoking

Not only are smoking and binge drinking terrible for your health, but they are expensive and can cause some financial problems for your.

 

  1. Reduce costs

One of the most important tips for students is to reduce your living costs. There are many small and easy ways for decreasing your expenses. Learn them and apply it to your daily life.

 

  1. Earn money

Tight college schedules doesn’t allow many students to work on full-time jobs, but there are many ways for students to earn money while studying. Find a part-time job, create a source of passive income or look for many more ways to earn money.

 

  1. Start your own business

If you’re one of those students that have “big dreams”, starting your own business is a great way to create a source of income for yourself and build a great resume as well.

 

  1. Learn to invest

Find a discount broker and begin making regular investments. The sooner you learn the ropes of investing and start investing your money, the more profit you’ll make in the future. Ten years from now, you’ll thank yourself.

 

  1. Focus on your goals

Your college years will be some of the best of your life. By focusing on your goals and making smart choices, you’ll be able to make the most out of these years and grow into everything you want to become.

 

(Image source: Flickr)


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