Whatever experience you’ll be having at College, it’s fair to say that boredom will not be on the cards. You may feel young and free but not all the good times will be free of charge. Before you start hitting the books, make sure you’ve read these seven essential tips to help you stay in control of your financial situation.
1. Budget
Many students can go to college without any understanding of where their money is heading every month. It would be foolish not to plan your social life, work balance, and lifestyle without an agenda, and the same goes for your finances. Creating a plan will be the first step to keeping the money flow under control. It needn’t have to be an enormous database with a detailed track of where and when every dollar is spent, but a basic idea of how much you spend and what you can afford to spend will go a long way.
2. Resources
You’re clearly a smart kid if you’ve gained a college place, so make smart choices on books, stationery, and all the resources you need. You needn’t bankrupt yourself when buying books – check to see if your text is on Google Books for free or available second-hand on Amazon. If you need the help of online aids such as education note websites or paper writers, look at online reviews and blogs to determine which are the best value for your money.
3. Frugality
If you decide that you want to live the high life, remember that you probably aren’t earning enough to support it. Being broke and penniless shouldn’t be part of an engaging college experience. In order to enjoy your time, know your limits to spending and don’t let peer pressure influence you. It’s not to say that you needn’t spend your money, but do you really need five more shots at the bar?
4. It’s Never Too Early
Preparing your finances for college will prepare you for the world ahead, so a little research into a little investment could pay off ten years down the line. Many people live life to regret they hadn’t begun investing a lot sooner than they had. Clearly, the sooner you start, the greater the difference it can make. Spend a little of your free time reading up on some personal finance investments for you.
5. Cut Credit Cards
Don’t literally cut your credit card into little pieces but resist the urge to use them for the majority of your spending. You’re much better off taking money directly out of your account rather than dealing with a rate of interest that may seem low but ultimately isn’t worth paying. That said, if you haven’t got a credit card, you should think about applying for one and make tiny payments each month to build a good credit history without any risk!
6. Discounts and Offers
There are so many discounts tailored specifically for students, so why not make the most of these now because you won’t be able to once you leave college. Reap all sorts of benefits from discounts at movie theatres to cut prices on laptops. Ask retailers and visit student discount pages online in your local area.
7. Bank Smart
It’s important to consider your financial aid and the bank accounts that are right for you. Whoever you bank with at the moment may have a better offer when you move to your college, or there may be other local banks offering better student rates. Don’t be afraid to go out and find the best deals for you because your wallet will thank you for it in the long run.
College isn’t all cheap, so it’s important that you learn to make the right moves so that things really pay off. Take these simple tips and incorporate them into your daily routine to cut your costs and avoid making financial mistakes.
