Financial Tips for College Students
For most families the college period is a new milestone in the financial life of all family members. Depending on how well your newbie is ready for the grown-up reality depends on parents in the first place.
Parents teach their offspring to be kind and honest but they also should teach him or her to make right financial decisions as a prerogative of a new period of life. Being a grown-up is responsible; money spending makes you to be twice as responsible.
This little tutorial is a bit of theory but mostly consists of practical advice. If you are a freshman, be wise to have a look or even better save this successfully tested financial strategy.
Set Up Your First Budget
The first and perhaps the most vital among numerous financial tips for college students is to make a budget. It sounds tough, though with some clues it will be easy and helpful.
For your first budget you will need to write down the following:
- all sources of possible income including parents’ money, part-time job salary, scholarship or grants and etc.
- categorize the expenses to see how you spend the income and how much you can save each month.
- set a reachable goal for savings like a summer trip with friends, cool party or new device.
The most difficult part comes when it is time to stick to this budget, however, the visual picture of how money works will help any student regardless of faculty and future specialization.
Be advised to set limits for your daily or weekly spending. It does not prevent you from spontaneous financial decisions; still it won’t allow you to spend all savings on a new brand T-shirt or bag.
Take Advantage of a ‘Student’ Status
The most popular among financial pieces of advice for students are recommendations to look for discount offers nearby. Look around your campus, starting with cafes with cheaper lunch and finishing with sales, credit and rent offers.
Indeed, this is a useful tip that can save you a pretty big sum of money. Besides, it can give you initial searching skills which can be of real value later in your life.
Textbook economy should be a separate point still it’s also about searching and saving skills development. You do not actually need new textbooks, there are always tons of offers from senior students, so be attentive and start saving.
Note: prior to getting involved into attractive loan or credit offers, consult your parents first and do not allow anyone to trick yourself with misleadingly low interest rates.