7 FINANCIAL TIPS EVERY COLLEGE STUDENT SHOULD KNOW
I didn’t know much about managing my finances in college. I was horrible when it came to managing my finances.
I wish I could return to campus and rectify all the money mistakes I made, but I feel it’s too late.
Whether you are in high school waiting to join university or are already a college student still struggling with finances, this is the right time to teach yourself financial tips that will help you even after graduation.
1. Create a budget
The first rule in managing your finances as a college student is coming up with a budget. This is all about planning how to use your money over a particular time.
In your budget, you should include recurring expenses such as rent and food alongside other expenses some as clothing and emergency funds.
Try as much as possible to follow your budget while in college.
2. Start saving today
Create a saving account. It is not too late or too early to start saving your account. Teach yourself some banking basics.
While in college, you may not have enough money, so it is crucial to start setting long time financial goals. Try to set up a few coins every month, and by the time you graduate, you will have accumulated money that can help you after college life.
3. Analyze your needs
While in college, it’s not mandatory to have a credit card. Most of the cases, university students are better off without credit cards.
This reduces the temptation of overspending or the mentality of thinking that they have more money than they do.
By analyzing your needs, you will know what you need to buy as your priority and what is unnecessary.
4. Set aside an emergency fund
Once you open a savings account, it is good to deposit some emergency funds. As a student, you need to be innovative. You need to understand that emergency issues can arise anytime, from an unexpected fee increase to a car needing a tow to a shop near the dorm.
This is a great money management technique that can help you even after your graduation.
5. Make use of technology.
As a college student, you can set up text alerts and email to keep track of your expenditures, income, credit card transactions if you have and bank account, and all due dates.
Being aware of your finances will ensure you can follow your budget and not forget any payment that may lead to penalties and destroy your credit score.
6. Avoid debts
Avoids debt as much as you can. Be careful with these mobile loans as they may make it look like they are giving you free money, and you will be required to pay the total amount borrowed plus the interest.
If you are not careful with debt as a student, you might become stressed and even depressed.
7. Discover student discounts
Many businesses such as restaurants, local venues, and vendors around the college are likely to offer students discounts that can save them money on campus.
Smart business owners understand that students love discounts as this will retain students as their customers.
These discounts can help you immensely as they can enhance your savings, and eventually, you can purchase a laptop.
Learning money management while in college prepares you to be a money-conscious individual in finances even after graduation. This will help you to make the right decisions with your money.
Which advice about money can you give to a new student in college?
www.wegglab.com better way to learn