Are you looking for money management tips? Even if you’re still in college, it is not too early to think about your future as well as learn how to handle your finances. The following tips for money management tips for college can help you pass the test in forming a solid foundation when it comes to your personal finances.
Money Management Tips for College Students
- Review financial aids and loans: Know the exact debt size you’d have post graduation and make a plan on how to pay that back.
- Identify wants and needs: By identifying what you want from what you need, you can realize a budget plan as one of the best money management tips for college students. As a tip, you may want to give yourself a weekly cash allowance and avoid bringing along your debit card.
- Do not abuse credit cards: College gives you a start in building your credit. This is the crucial time when you can work on your credit, which is required for buying a car, leasing an apartment or finding a new job. Know the difference of building your credit versus overextending it.
- Keep your identity safe: Don’t be a victim of identity theft. Avoid reviewing your balance using a public PC.
- Open a checking account: Look for banks offering college students free checking and savings account so that you can avoid fund transfer fees and withdrawal fees.
- Create a budget plan and stick with it: This is the first step to managing your finances even when you’ve become a professional who’s earning an income. To start, list your monthly income, such as parental allowances, wages and savings and write your monthly expenses. Write down the costs for your meal plan, laundry, school supplies and personal care items. You can also use finance management apps to make a budget plan.
- Shop textbooks wisely: Reference materials and textbooks are big expenses. You may want to avoid buying those in your bookstore, but use your mobile device to download your books, which are far more affordable than buying them in the bookstore. You may also want to find used textbooks in some online stores and bookstores. Additionally, do not buy textbooks until you have your syllabus.
- Plan your meals: Meal allowances are one of the biggest spending for a college student living away from home. Plan it ahead and consider a smaller budget for your meals. One tip is to avoid eating at restaurants and preparing your own meals.
- Use student discount: There are stores offering this type of discount for college students that you may want to take advantage of before buying anything you need. Using discount codes or vouchers can also save you much money, so be watchful on those.
Follow These Money Management Tips for College Students and Be Stress-Free
There you have a few smart money management for college students. College is the perfect time in building your credit and planning for your financial future. Create a budget plan and stick with it, provide yourself with a weekly allowance and buy your textbooks wisely, among other things, for a better means of planning your student finances.