Financial Tips for College Students:Entering college is one of the best moments for both students and their parents. It is the first step into adulthood and practical life. As excited it is to enter independent hood it is undeniably hard to manage studies, social life and financial status.
Most college students have issues managing their financial status. But this is quite normal as it is hard to control the excitement of entering college. Sometimes students go over board and end up ruining their financial status. It is possible to enjoy your college days and still manage to save money.
Here are some financial tips for college students to help them manage their financial status.
Setting a budget and expense limit
It is a hard thing to make a budget but it’s harder to stick to that budget. Making a budget helps you to manage you earning and spending. It also helps to save money at the end of the month. Keeping a limit on weekly or monthly spending stops you from making hasty spending like unnecessary online shopping or purchasing a new expensive t-shirt.
To make a budget you must first need to keep track of your income. Any type of income should be counted like pocket money, part time job and scholar ship. Once you know the monthly income it becomes easier to know your limit of your spending’s.
Once income is decided then categorize the budget for useful things, fun stuff and savings. It helps motivate you to save if you set a goal of buying or doing something you like.
Making a strict budget is not a good thing as you stop following it in a week or two. If you are new to setting a budget then it is better to start easy. It is good to set a small amount for yourself to spend when you crave something.
The easiest and most useful way to help your savings is to look for discount offers. Being a student helps you get many discount offers. Like getting a student discount on books. Getting lunches from your campus as it is cheaper. Buying stuff from sale.
It is not advised that you get student loans. Even with low interest rates the loan end up being too much to pay for at the end of your college days. It takes a lot of your initial salary to pay them back.
But if the conditions are tough and you have no way of getting income then there are some banks that offer student loans with good conditions and interest rates. It is better to consult your parents first before taking loans.
It seems hard to manage financial status because there are tons of things that attract students in college level. But once you get used to a healthy financial status it gets easier and it helps a lot later in life. Also maintaining a good credit history helps with a lot of stuff in practical life like getting discount on insurance or getting investment from a bank.