For many students, dealing with a lack of funds while in college is a nightmare. Having dedicated pretty much every waking hour of the day to studying, it can be disheartening to have to manage money, too.
For most professionals, learning the art of how to make a dollar out of fifteen cents usually came from experience. In college, we pick up invaluable life skills which prepare us for our years ahead. This also applies to personal finances where things such as Debt Management become important. The thing is that we must go through the harsh realities of the experience before we learn. These tips below will certainly help, however.
Stick to Your Budget
If you are thinking “I don’t have a budget,” you sure as hell need to do something about this. Tracking your spends is arguably the first step towards becoming a master of your own finances. A budget will not only promote self-discipline when it comes to how you deal with money, but will also elucidate the activities which are eating into your money.
An absolute essential tool while you are in college, a sound financial budget will keep you on the right track.
Avoid Credit When Possible
If it is far too tempting to use your credit cards for things you simply do not need, then it may be a good idea to think about cutting it up. If this is not feasible, then be careful! For social occasions, refer to your budget and take cash everywhere you go. While using credit cards may be easy, the interest you pay on top of what you spend will severely eat into your ability to sustain a good level of financial health.
Make Your Own Food
While it may be tempting to go with a meal plan while at college, the costs rarely represent value for money. If you have the means to cook your own food, do so. Buy in bulk, if you can, and make batches of meals. You can refrigerate most food you cook, which will then give you a healthy and convenient option for the rest of the week. In terms of saving cash, you cannot go wrong with this option.
Don’t be Afraid to Buy Used
These days, thrift stores and “preloved” goods are popular. In this sense, there is absolutely no social stigma associated with buying used. When it comes to course materials, buying used can really save you in the long run. There are usually a number ways to purchase used goods onsite and online.
Buy a Bike
Owning a car in college can be a sure-fire way of wasting money. Aside from the financial benefits of leaving your car at home, your health will also benefit. With no need to worry about buying gas, paying for insurance, the costs of repair and valeting, you can put money aside for other means.
The cost of a bicycle can be pretty low. The benefits of owning one are many, so it makes a lot of sense to pick one up.
photo credit: wuestenigel Girl saving bitcoin in piggy bank via photopin (license)