Your dad may be paying for everything;
Here are some super useful tips for managing money
College life is full of fun for students. It’s the first time you are living away from home. But everything during this period costs money, and your parents won’t be there to help you pay for those costs. Please take these times seriously because the mistakes you make in college can follow you probably for the rest of your life.
Here are some super useful tips for managing money for college students.
A Bank Account
I hope you all have a bank account; otherwise, it would be tough to manage your finances. Start off with a savings account.
Make a Budget like your Dad
Your dad may be paying for everything; however, it’s vital to make a budget for college. Cover your entire essentials like books, lodging, food, tuition, supplies as well as non-essential expenses for socializing like snacks, movies, and eating out.
Set realistic limits on your spending categories and stick to them. Prioritize your needs. It will not only keep your spending on track but also help you grow good spending habits. As a bonus, your dad will be happy!
Books are Most Essential
You have to spend on books irrespective of your financial condition. The costs of a brand new set of textbooks will only scare you these days. Before you have to buy new books, ask around if there is a store of used books or that sells on a discount, or you can even look for the used textbooks of the previous year’s students, and that can cost you much less.
You can also go online for sites like Amazon or bookfinder.com or Chegg and Valore, where you could save a lot on your textbooks from discounts offered, even on the new editions. Ebooks are also a cheaper alternative. Moreover renting books is another good option that can save up to 90%.
Selling your old books can also earn you some amount. Let your juniors know you are selling and also that they can book it by paying in advance.
You cannot avoid accommodation costs while in college. Check out for your stay on campus, which is very cost-effective and also a way to experience college life to the fullest. Among others, living with roommates or renting are major money savers. Talk to other students about the different options available.
Use Credit Cards Responsibly
Carrying a credit card is a very convenient option these days. However, this is also one area that encourages impulsive buying and where most college students make a mistake. Choose the right type of card for a college student with a low-interest rate and, of course, a low credit limit. Spend according to your budget before you put them on the credit card. Never cross your spending limit. Every month, pay the balance in full and, if possible, before the due date to avoid late fees and interest due to unnecessary delay.
Jobs for College Students
A good college job will not only help to manage your own finance but gain work experience while studying and also avoiding going into debt. It is always better if you can find work in your field. There are summer jobs, paid internships or any other full or part-time work as per your convenience. This work experience can help you in the transition from college to the workplace.
Tackle Peer Pressure Smartly
Unnecessary spending due to peer pressure is a major problem for students. You can’t say no to friends just to feel included. It also does not mean that you have to forego friendships or cannot have fun. Take advantage of college amenities like the basketball court, or bowling alley, pool, and plan events around. Try free or low-fee recreational activities, like film festivals, theatre, art exhibits, fests, and tours to heritage sites with friends instead of going for movie nights at multiplexes or dining at food joints.
Save on Food
Eating at the college canteen is best for your pocket. Another thing that would be very pocket-friendly if you get the habit of cooking at home and that can save you loads of money. A restaurant meal every day is five times as pricy as cooking at home. Eating food at home is healthier too! If you are missing your friends, no worries! Invite friends over, try out new recipes, and make cooking at home fun. You can still attempt a few indulgences like eating out with friends.
Student scholarships are an amazing way to take some of the burdens of cost off your college tuition. At the time of applying for colleges, also check out for available scholarships and if you can qualify for that. There are several online sources to learn about the different scholarships and financial aid and whether they are appropriate for you and your financial situation. This little research can save a big amount.
Student ID Card can Cut Down Cost
Are you aware that your student ID card can save a lot? Next time when you are planning for movies, shop for school supplies, or get a new haircut, see if they offer any discounts for college students. Student ID card grants access to several campus resources and amenities such as the gym, library, pool, for which you would otherwise have to pay for if you were not a student.
An Emergency savings Fund is a Must
Starting an emergency savings fund is crucial to anyone’s long-term financial health, even for students. You can cover unexpected expenses or medical bills, should they arise with the help of this fund. If you depend only on credit to get through an emergency, it will cost you in interest and fees.
If you are short of funds, student loans are a viable option. However, consider all the ways in which you can lower college costs. Remember, when you are opting for student loans, you have to pay back everything you borrow with interest. Student loans can affect your future credit score; therefore, you have to pay it back in a timely manner if you want a positive credit impact.
Call to Action
Money makes a lot of difference in how you want your life to be, and that is why it depends on how well you manage your finance. At the same time, don’t let money hold you from having a good time. You won’t have to stretch your limited resources if you keep in mind the above tips. Try to opt for free facilities such as college vocational courses, photography clubs, dancing classes, sports activities beside your study. You will have a lot of fun and learn new skills.
So, why not start from today itself!
That’s why Comparte Investment team asks do you have “Nivesh Ki Aadat”.
(About Author: Arindom is a professional writer, editor, blogger and a member of the International Association of Professional Writers and Editors, New York. A management postgraduate in finance with extensive industry exposure, he is associated with many reputed global online magazines and publications as a regular contributor. He loves to help his readers writing highly informative and well-researched investment-related content to make informed decisions.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of organization)