When you attend college for the first time, the responsibilities handed to you can be quite overwhelming. From making sure you complete your college assignments duly to studying and even making personal time for yourself and your friends; you can definitely say that college life is no cakewalk, especially if you’re on a tight budget. In order to help our wonderful college audience, we’ve prepared a list of tips that you can utilize to manage your money in the best manner possible. Here are some points to note if you’re trying to manage your money better while in college:
- Take note of your budget: Being aware of how much money you can get in a month as well as the necessary expenses that you will need to cover regularly is essentially half of the job. Once you start to remain a lot more vigilant of how much money you have, you can start to plan your finances for each month. Making a note of your expenses and how much money you will need to adequately cover them will also help you in your budgeting process.
2. Identify what you really need: There is a stark difference between something you need and something you want. For example, you may want a new phone but you definitely need water to function and survive. Prioritize your expenses according to what is most essential for you to live a decent life first before even concerning yourself with expenses you will incur with your friends or in general. In simpler words, buy water before you buy a car.
3. Cut down on habits like Smoking and Drinking: You may not like hearing this, but the biggest expense to a student that drinks are alcohol and the same goes in the case of students that some too. Don’t worry, we’re not going to lecture you on the health issues that can occur due to drinking and smoking but we will say that these habits are extremely expensive. Try to cut down on or completely cut out such habits if you’re trying to save some money.
4. Set up a Checking Account: Many universities offer special offers on Checking Accounts to their students due to tie-ups with particular banks. It would definitely be in your best interest to set up a Checking Account as these accounts are not liable to withdrawal fees or fees on fund transfers. The only downside to a Checking account is that money that is transferred to such an account will take a longer time for the amount of money to reflect on the bank balance of the given Checking Account. But otherwise, saving on withdrawal fees especially will save you a surprising amount of money so the trade-off may be worth it.
5. Use Credit Cards responsibly: Credit Cards are always a good option if you are completely broke but need to cover some urgent expense. With this being said, it is definitely easy to lose control of yourself and end up overusing your credit card only to end up with massive credit card debt. This will definitely not be an ideal scenario if you’re a college student who has taken out a Student Loan. Therefore, it is definitely important to stress the fact that Credit Cards are not meant to be abused and should be used responsibly, regardless of what anyone else may tell you. Use your Credit Card in such a way that you are 100% sure that you will be able to cover the expenses when you receive the Credit Card bill. It will require a little bit of planning, budgeting and self-control but don’t worry, we have faith in you.
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