You are probably more in charge of your personal financial concerns now that you are a college student than you were when you stayed at home and mostly participated in your parents’ economic world.
Undoubtedly, you have greater discretion over where and how to spend money, particularly if your parents live far away.
You have the freedom to choose while you’re alone. Additionally, you get to bear the effects of your decisions, both positive and negative.
As you start your college career, consider the following advice to help you stay in good financial shape:
Establish a Budget
This is necessary. You must calculate the total amount of money coming to you from all sources, including loans from family and friends, grants and scholarships, student loans, and any income from jobs.
Next, you must calculate your costs for things like books, bills, hygiene, entertainment, etc. Create a spreadsheet with all the categories and figures, and try to balance everything while leaving some money for savings and unanticipated expenses.
By deviating from your financial plan, you risk becoming indebted and defeating its goal. Therefore, when you have a spending urge, especially for something you don’t truly need, check the budget again. Let it be your master and your guide.
Be Accountable and Exercise Control
When there are so many other challenges to conquer and adjustments to be made for college life, it’s all too easy to put off taking management of your finances.
But you simply cannot start out as an adult with poor financial habits, and college is a great setting for you to make the decision to take control of your own finances and be frugal.
Work out a strategy with your parents to take charge of your other expenses even if your parents still pay for some of your bills, such as tuition and room and board.
You must start off with a strong, well-thought-out financial plan in place, and you must be in charge of it.
Look for a Job
You have a demanding schedule of classes, term papers to complete, and a ton of studying to accomplish. Of course, you deserve free time as well so that you can interact and participate in extracurricular activities.
However, you can actually fund a significant portion, if not all, of your discretionary income by working part-time while you are in school.
The majority of institutions offer work-study programs that let you plan your job schedule around your studies. While the pay is normally not great, neither is the labor usually all that challenging.
You can end up stacking books in the library, collecting money over the phone for the alumni fund, or managing your dorm office for a few hours at night.
Search off-campus for part-time jobs in retail or dining. If you work during the summer, be sure to save aside a portion of your earnings for the academic year. Get used to earning money and saving it.
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Find Ways to Save Money
Use any student discounts offered by nearby establishments. For student discounts on lodging, dining, books, clothing, entertainment, etc., search online.
Before going shopping, clip coupons and try to buy generic items whenever you can. If you have a meal plan, avoid spending extra money on food, especially fast food.
Wait for the next big movie to be released on DVD before checking it out of the library. All movies will eventually be free. Use Skype to contact home instead of going over your phone plan’s allotment.
Avoid Making a New Purchase
If you can locate a used textbook for a significant discount, there is no need to buy a brand-new one.
If you must purchase something brand-new, keep in mind that college pricing is typically more expensive than those offered by websites like Amazon. You could now be able to order e-books for a laptop or e-reader and save the price difference between digital and physical text.
Additionally, keep in mind that if you move into a dorm room, someone else is leaving. Perhaps someone on campus has a secondhand refrigerator or coffee maker you can borrow.
Forget about purchasing the newest Swedish designer furniture if you are living off-campus. Your student apartment can be furnished just as readily at secondhand shops.
Read Also: 7 Grocery Savings Strategies in 2023
Source: Debt.org
