Being a college student has its perks. You can just ask for a weekly or monthly allowance from your parents until that day that you earn a university diploma. However, being a student has its downside, too. This means having limited money in your pocket that may not be enough to cover some of your needs—and unfortunately, most of your wants. However, this can be the best time to learn practical personal finance skills before joining the workforce.
Here is a rundown of some practical and important financial tips in college that students may want to consider for them to become stress-free in working with a meager budget while at the university:
Create a budget, and stick with it
This is certainly the most important thing to remember. Start by listing down your estimated expenses per month. In listing these items down, make sure to take into account school supplies, eat outs, and even laundry expenses. You may want to use a personal expense tracker to check if you are still living within your budget. Take note of your sources of income as well, which may include parental allowances or income from a part-time job.
Minimize your debt
Since you have limited sources of income, you might need to borrow money at one point. If you cannot avoid availing loans, make sure that you minimize debt. Start by borrowing only the amount you actually need. Try getting a part-time job to help you settle the debt before the amount is due as longer payment terms would mean higher interest rates. A debt-free lifestyle is something anyone, not just students, should aim for. Also, in addition to applying for traditional scholarships, seeking out weird scholarships can sometimes mean an easier win as they sometimes have limited competition.
Take advantage of student discounts
Some underestimate the benefits of student discounts. Imagine eating or commuting to school every day, and getting a few dollars worth of discount within your entire stay at the university. This may equal to hundreds or thousands of dollars when combined. This is one of the most important financial tips in college that you have to bear in mind.
Look for cheaper leisure options
All work and no play will certainly make you dull; this is also applicable for students like you. While you are expected to study hard, and graduate within the prescribed time frame, you are not prohibited to have fun sometimes. It may be a good reward after a week of exams. But instead of partying at a fancy bar, you may want to encourage your classmates to go somewhere else. You can go together to a public beach and cook your own food or watch a movie at a nearby mall.
Set a limit
If you know your financial limit, you know when to stop spending. You may impose a weekly limit for your self. This will push you to focus on your needs and spend on your wants only when you have extra bucks.
This is just a quick rundown of important financial tips in college. For sure, you still have a lot of practical tips that you have been following since you started studying. Stick to those means, and you will never have to suffer financially. You can find more helpful articles at http://easyscholarshipsnow.com