Great Money Management and Saving Tips for Students
If you are finally heading off to college then these great money management and saving tips for students are something you need to read. While going off to college can be a great time for most students to finally be on their own and independent, it can also mean that they have to be more of an adult in managing their spending. For most college freshmen, it will be the first time where they will actually be in control of all their finances. This can spell trouble for numerous students as they soon find out how hard it can be to not go over their budget. Here are some great money management and saving tips for students to help you in college.
Not Easy Being on Your Own
For most college freshmen, having to handle all of their finances on their own can be overwhelming. Finding a bank, paying your own bills, managing credit cards, insurance and other expenditures is not easy; but it can be done. Parents who help prepare their kids for these difficult decisions and planning give their children an edge. However, those that do not can leave them feeling anxious and unprepared. Still, if you are a college freshmen and on your own it can be done with some planning, sacrifices and hard work.
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Take Care of Your Credit
One of the first mistakes most college students make is signing up for new credit cards when they come into college. You will be tempted by the many booths or friendly salesperson offering free coffee mugs, t-shirts and other ‘goodies’ just to get you to sign up. However, too often, people do not even bother reading the fine print and fees attached with the cards they sign up for. Annual fees, hidden rates and penalties for not paying on time can immediately send you into credit card debt. Some students end up signing up for too many cards at once and are soon overwhelmed with bills and late charges. Building your credit and keeping it in good standing is very important now that you are on your own. It is best to ignore most of these tempting offers. If you must have a credit card, then choose one card carefully. Be sure not to go over your allotted credit limit. Never treat your credit card like it belongs to someone else but you. Remember, you will now be responsible for paying your own bills. Ruining your credit will end up hurting not only your financial situation, but also your future when you graduate. Bad credit follows you wherever you go, for as long as you live.
Spend Your Money Wisely
Now that you are on your own, you need to learn to spend your money wisely. One tip to save money on books is to purchase them either used or rent them. This will save you a bundle in the long run. You will also need to limit the amount of times you eat out and go out each month. Going out to parties every week will only lead to more spending. Binge drinking, smoking and other habits can lead to spending extra money so you will need to cut these out as well. Don’t waste your time on expensive Satellite or cable packages you don’t really need. Be sure to shop in places that offer you student discounts. Although you may want to have your own car, walking, using public transportation or riding a bike is a better choice. The amount of money you will save on gas and car insurance can be used for other important things. Try to avoid impulse buying or spending. Avoid late fees on your credit cards and other bills by paying them on time.
More Money Saving Tips
If you can, use the gym on campus as opposed to paying a monthly fee for a private gym. Most colleges offer reduced or free memberships to students. If you make your own dinner, make plans with other friends so you can split the cost of groceries. As you get settled in, sell what you’re no longer using or need so you can have extra money from what you sell. There are many students out there looking for things you may have in your dorm that you’re no longer using or need. If you can, make your own coffee. While coffee shops are cool and convenient, buying coffee each day can add up to a lot in month.
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These are some of the many tips you can use to help you become better at managing your own money and staying in budget in college. It will not be easy at first since there will be so much to do by yourself. However, in the long run, if you follow these tips, your financial status in college will be great and promising.