College Students - Know Money Management Tips
College is not an easy stage in everyone’s life, not just because of the studying part, but
because it can be quite expensive and it is basically a dry run of what the real world will be like.
College students find it hard to manage their money because there are tons of things they worry
about. Food, school expenses, rent, student loans are just some of the things that students
worry about. Good thing there are techniques and ways for you to manage it.
Here are some money management tips for students:
Keep track of your money all the time. No matter how small your purchase is, always put
it on your list to find out where your money is going at the end of every month. If you do
this regularly, you’ll be able to determine which ones you are spending too much on and
you’ll be able to balance your expenses better.
Remember to be frugal. Take advantage of student discounts no matter how small they
are. When you are going to the movies, riding the bus, or buying some food, don’t forget
to show your student ID to avail the discount. It wouldn’t hurt to ask for students at the
mall as well as some shops do offer student prices.
Be cautious at all times. Don’t just give out your Social Security, credit card or bank
account to someone you don’t know and unless you really know why they need it. Don’t
give your pin to anyone easily. Do check credit score regularly, keep track of your credit
reports all the time to manage your credit rating well. Stay away from scams,
scholarships that ask for fees first are considered to be fishy.
Use your credit card sparingly as possible. Make sure you set your own credit line and
you don’t charge more than you can afford to pay. Just because you have a $ 5000 limit
doesn’t mean you have to use it all the way. Try to avoid unnecessary or impulse
purchases at all times, put your “wants” aside and prioritize the things that you need.
Create your own personal budget based on your savings and your income. Make sure
you stick to it all times and you have to allocate some money for every purpose. Such as
your student loan (if you happen to have one), for your books and school supplies, food
expenses and other necessities and for your emergency fund. Don’t forget to include
your daily allowance as well. Keep a budget every month then adjust all of your
expenses regularly depending on what you do and don’t need.
Review all of these things at the end of every month and avoid overspending. Try to save at all
times to earn some extra money for yourself. The feeling and the benefits can be rewarding if
you get to accomplish this on your own.
Wondering, how can I check credit score? You can check your credit report and credit score for
free online & keep your credit history good for a happy financial life.