Are you off to college soon? You’ve probably heard a lot of horror stories about how broke college students are, and how they all have to live of ramen because they’re so poor. Luckily, it doesn’t have to be this way. Here’s some personal finance tips that will help you manage your money and get the most out of your college experience.
1. Learn how to budget
This should go without saying, but there’s many students who go to college with no idea of how to manage their finances (even though colleges provide Student Money Management Services, they are not so popular). You’ll have to do some research, but the basic goal is to spend less than what comes into your bank account. A good way of doing this by using the ‘envelope method.’ Put what you need for expenditures such as ‘groceries’ and ‘gas’ into envelopes. Only use those envelopes to pay for them. Once the money’s gone, it’s gone.
2. Be smart about where you get your books
Everyone knows how expensive books are. They may be listed as essential for your courses, but you don’t need to bankrupt yourself to get them. There’s plenty of textbooks available for free on Google Books, so look there first to see if yours is available. You can also find them for cheap for second hand, especially on sites like Amazon. Remember, if your copy is one or two editions behind, don’t fret. There’s usually only minimal differences in the text.
3. Look for contests and sweeptakes
“A great way of raising funds is to apply for scholarships and contests. You may not be able to pay for your entire course with them, but they can go a long way towards to meeting the cost of it. There’s also plenty of contest around that ask you to write an essay on a chosen topic to win money. If you’re good with a turn of phrase, they’re well worth entering,” says Amber Coburn from Write My Essay service, they have launched an essay writing contest to help students raise extra money.
4. Stay away from credit cards
On a related note, resist the siren call of credit cards. No matter how low the interest rate is at first, it will never be worth it. The extra meal out or concert ticket will require to work for hours to pay off that interest. Also, the way you use them will affect your credit score in later life. You have been warned.
5. Take advantage of online services that offer student discounts
There’s plenty of services that will give you discounts because you’re a student. Do some internet sleuthing, and you’ll see just how much money you can save on everyday expenses. You’ll also find deals on student specific services, such as Type My Essay, Save on TextBook and UK assignment help services. If you want the deals rounded up for you, try a service like Student Advantage and Student Rate.
6. Find a bank that gives benefits to students
The bank account you have at the moment may be fine for now, but it’s probably not the best one for when you move to student digs. Don’t be afraid to shop around and get the best account for you. Many banks want to get your custom, and will offer deals for students. Take advantage now before you start classes.
7. Never go shopping when you’re hungry
This is a classic tip. If you head to the grocery store when you’re hungry, you’re much more likely to pick up junk food and other costly items that you don’t need. Instead, go when you’ve just had a good meal. You’ll only pick up items you need, saving lots of money in the process.
With a little bit of planning, your money can go a long way. Try these tips and see just how much you can save while you’re at college.
If you enjoyed these personal finance tips, please feel free to share them with anyone who might find them useful. After all, sharing is caring!
Author:
Mary Walton is a professional editor and online tutor, currently living in Santa Monica.
