Financial Tips for College Students

Have you ever told yourself you need to change the way you handle money? Perhaps when you forgot you spent some on shoes and didn’t have enough for a grocery run? Don’t worry we have all been there… some just more times than others. It is not possible for anyone to make sound financial decisions, without developing certain habits.

Here a list of ‘little things’ to help you out of sticky situations!

 

1. Pay your Bills on Time

Avoid unnecessary late fees/high interest by paying your bills on time. Most often, late repayment can cost you a lot. Hidden charges for being late are a common practice of most service providers. Keeping a day aside every month to settle all your bills can help you cultivate a lifelong habit.

 

2. Create a Savings Plan

Whether you get weekly or monthly pocket money/salary, compulsorily take a part of it and put it into savings. Whether that’s a piggy bank under your bed or an account is up to you. Set clear goals or targets for monthly saving and prioritise it. More important than saving money is ensuring that you don’t take it out unless it’s an emergency.

 

3. Define ‘Emergency’

Don’t take money out because you’re a little low on cash on the 27 of the month. Find alternatives such as borrowing from a friend or using StuCred (the interest-free student exclusive credit app). Just a heads up, a lot of scenarios may seem like an emergency at first. Knowing what constitutes an emergency will prevent you from regretting it later.

Financial Tips for College Students

4. Keep an Eye on your Credit Score

Your credit score can make or break your life. A few missed or delayed payments here and there may not mean much to you but it can cause a dip in your score. Prevent this by regularly checking your score. Sometimes there are errors made in calculating the score, in which case get it corrected immediately. Check our guide to better understand what it means.

 

5. Know what’s in your Wallet

As we said earlier, we have all been in embarrassing money-related situations that could have been avoided. Nothing is worse than getting to the checkout counter at the supermarket only to realise you don’t have enough money in your wallet. Knowing how much you have down to the last rupee, can take you a long way. At first, it may sound like an impossible task, but over time, it becomes easier. Another great reason to know how much you have- you could misplace your wallet while claiming it at a lost and found or filing a complaint, the content and amount are always asked for.

 

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