It’s exciting when you get to college and have to take responsibility for your expenses, but the sooner you have a strategic budget, the better for your studies and your professional life.
When young people become college students, it is an accomplishment to be celebrated. In many cases, it is the beginning of independence and self-sufficiency. Even though they may still be financially dependent on their parents, it is important for them to know how to manage a budget so that they can survive college and not suffer from lack. Here are the 7 best tips on how a student should manage money.
1. Spend money with caution
As you study, you may need help writing your papers. When you are going to buy a persuasive essay, you need to find the most appropriate service for your budget. Don’t be lazy and compare prices of different sites, this will help you save your money and not overpay.
2. Take advantage of student discounts
Your student ID card is not only good for getting on campus, but you can also get discounts on different products and services. But many of these offers require you to take the first step in asking if they have any discounts available for college students.
These types of benefits can be passed on to your student email. For example, if you sign up for Amazon Prime Student, you can get free shipping on millions of eligible items and exclusive offers.
3. Use cash for fun
If when you go out with friends or just hang out at a coffee shop while studying, you pay for your consumption with a credit card, you can lose sight of your purchasing power and overspend. This is avoidable as long as you use cash. When you set up your budget, you can set aside a predetermined amount for fun things and stay within that figure. Cash will help you have more control of your dollars.
4. Borrow as little as you can
This applies from the lowest scale to the one that pays for your entire college. By lower scale, we mean don’t get into debt with classmates, friends, or credit cards just because you want to live a personal life you can’t afford. The same should apply to paying for college. Student loans are among the most complicated debts to pay off.
Many students take advantage of the summer season, winter break, or get a part-time job to increase their budget while continuing their studies. It is better to use your free time earning money than lose it.
6. Be a good student
Yes, going to college in the U.S. is expensive, but it also provides great opportunities for young people. In addition to athletic scholarships, which are a big draw for many students, there are also scholarships based on academic merit. In some cases, not only do they allow you to study, but you can also earn a little income for excellence.
7. Plan for disasters
The important thing about budgeting is saving. Every penny on the dollar or whole dollar you can save by not buying your morning coffee, by having a relaxing weekend in your schoolroom, by the change you received from that discount book, every coin or bill counts. Remember that accidents happen and it is necessary that from this moment on you create your own emergency fund so you don’t have to worry about running out of money during all your university studies.
Taking advantage of the fact that you know how to use technology, you should use a budgeting application such as Mint or similar to help you achieve your financial goals, as an independent and responsible student with your money.