24 January, 2018

Financial Tips for College Students 2018

How many hidden meanings hide behind this word “college?” For some, it means freedom, for others it is a sign of knowledge. Some perceive it as an opportunity to make new acquaintances and establish new friendships. Without a doubt, there is a grain of truth in all these meanings. Nonetheless, all of you have already come to grips with the idea that college is often tantamount to debts. Without admitting the importance of financial planning for students, you will definitely end up at a loose end. Hold on, before enrolling in a crash course College Financial, hitting the books, and working your fingers to the bone, look through these college budgeting tips on student financial affairs to clear the air beforehand.

Financial tips

Money Tricks

  • Credit history. Under present-day conditions, no one can underestimate the magnitude of a good credit history. The question that now springs to mind is “How can I be not tempted to spend more?” If you use this card here and there, then for sure, one day you may find to your dismay that you are in the red. The trick is to use it merely for a few payments in a month. For instance, pay with your credit card for the subscriptions or for gym membership. What is more, you can set up an auto-pay on a particular day so that you will never be late with making payments. It is definitely a piece of cake, isn’t it?
  • “Envelope system.” Have you ever wondered how to save up for a car fast? With the “envelope system”, this thought will never come to mind again. All you need is to set up an expenditure sum for the next week, month, or any other pay period. For example, this week you plan to pay 50$ for food, 20$ for gasoline, 20$ for coffee with friends, and so on. Put the money in the envelopes marked as “food,” “car,” “café,” and imprint on your memory that you are not allowed to spend more. If you have not created the “clothes” envelope, it means you are not allowed to buy those cute jeans that you can find in the outlet.  Moreover, if the money from the “café” envelope vanished into thin air in two days, it is only your problem. You are strongly forbidden to take money from other envelopes. Finish.
  • Frugal existence. It is not that pessimistic as it may seem. Do not be against it from the very beginning. Your desires to live here and now, derive joy from every second in college, and live to the fullest are quite understandable. Albeit you are partly right, think long and hard about your future and the things to save up for. Like it or lump it, college was, is, and will be about saving up and cutting corners. In future, you will be thankful for this choice. In spite of spending long nights in the local bars, create memories with your close friends in the dormitory. You can opt for a game night, cooking competition, or simply watching a movie together. It is a good way to pamper yourself after a long studying week.
  • Student discounts. Spending habits of college students are various and sundry, but one thing is the same for everyone. It is a student discount that is provided by many shops and gyms. Just take your student ID with you everywhere you go and before making any payment, do not feel abashed to ask if there are any discounts for students. Why not to save some money just because you are a student? Making a notable example, I myself entered a museum at half price just because I showed my student ID.

Personal finances of college students will improve if their owners use the abovementioned tips. In addition, it is highly recommended looking for scholarships and grants. You can get a scholarship thanks to your major, hobby, or organization you belong to. What is more, if you have taken a loan, consider spending only bare-minimum on such things as tuition fee and books. Do not be a reckless spendthrift, hone your money management skills and in future, you will be grateful!

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