College students are constantly juggling finances. Finding enough money to fund your studies, socialize and travel back home or otherwise, is never an easy task. However, there are ways to handle financial management during your student years. These tips will keep your banking a stress free experience while you work towards your future.
1. Have an Understanding of How to Budget Your Money
The first step will always be gaining an understanding of your personal financial situation. This will involve an in-depth dive into how much money you have, what the source of that income is, and how much you have to pay out. Typical outgoings for a student might be any of the following:
- College materials
- Travel expenses
- Phone and internet
These are all essential payments that you’ll either be wholly or partly responsible for. Either way, it’s always beneficial to have an awareness and understanding of where your money needs to go and how far it will stretch. This is usually figured out on a month by month basis in the form of a budget. A budget will help you live within your means and stay on track.
2. Secure Employment
A big part of budgeting successfully will come with having your own independent funds to rely on. It’s common for students to find part-time work and this should be a part of your journey too.
3. Create an Investment Portfolio
With a job or any form of income, there is an investment route to explore. You are never too young to make a smart move with an investment in stocks, shares, or even something a bit riskier like bitcoin.
4. Don’t Be Fooled By Credit Cards
Things like credit cards can feel highly tempting, especially when you’re short on money. However, they are usually credit traps for students and are often a one way ticket to a mountain of debt.
5. Access Student Discounts
If you ever do need to make a purchase, don’t forget about your student discount perks. So many stores take part in awarding discounts to young adults in college, and your student ID is often all it takes to access it. So, whether it is an essential pair of shoes to walk to campus, or a new laptop to write your next big novel, get it cheaper and be savvy by tapping into these schemes.
6. Just Be Smart
There is a lot of temptation out there. It is important to have a social life and to do the things you love. However, the whole line of thought that five dollars won’t hurt can actually be devastating when you add up the tally at the end of the month.
College students need to be mindful of their financial habits. These are the days that will make or break you as you step into the adult world more and more. Take care and make smart moves.