How to Manage Finances in College?
College can be extremely overwhelming especially with all the studying, projects and expenses
each day. The most difficult thing for college students is probably the “money saving” part. But
with the right tips to follow, you’ll be able to manage your money easily and you can turn
yourself into a financially responsible student without going crazy with all the restrictions and
Make a budget
This may seem boring but you’ll be surprised at what it can do to help you manage your
money. Find out how much your “income” will be, it may be your allowance, or if you’re a
working student your job or from student loans. Simply list down all your expenses, such
as your food expenses, projects, rent and its utilities etc and add them all, if the total of
your expenses is less than your income then you’re good to go. Take note; even if you
have some extra money, it doesn’t mean that you can just spend everything on shopping
sprees or pizzas. You’ll never know when you’re going to need that extra cash so it’s
best to set it aside. Be smart and use it wisely.
Get a job
Working while you’re in college will help you realize that you money is hard earned and
that you have to spend it wisely. If you happen to have a credit, now is a good time to
start working on it so that you’ll have a long credit report history which is what creditors
are looking for. If you do well in your job, you’ll be able to boost your credit scores too.
It’s not easy being a working student. But being responsible at this age will be a positive
thing on your credit report.
Use your student discount and credit card
Student discounts are actually everywhere. Restaurants, clothing stores, bookstores or
even buses offer it; all you have to do is ask. Don’t be shy about it! You’ll be saving
money for yourself just by inquiring; just don’t forget to bring your ID all the time of
course. If you have a card, use it every now and then to earn points for your credit. But
make sure that you have money to pay for it when your bill arrives. You don’t want to
drown in credit debt at an early point. Also, don’t forget about your credit limit, stay below
it at around 20% to keep everything in good shape.
If you are looking forward to becoming independent, now is the time for you to prove it.
Managing your money will show how responsible you are with your life. Balance things out,
have some fun and treat yourself every now and then but don’t eve forget your responsibilities,
after all, it is college.