If you’re a college student, then you’ll already be well-acquainted with how strenuous getting an education can be on your wallet. While getting people to come to your friend’s gig and making a start on that Dostoevsky novel may seem like the most pressing things right now, it’s also very important to get your finances in order. Here, I’ve listed some of my best financial management tips for students…
Tuition fee debt is something that weighs on every student’s mind. However, a lot of them fail to take any real action in order to minimize it. Make a point to get yourself into some good spending habits in order to minimize this heavy financial burden. If you haven’t taken any loans out already, then make sure you’re only taking out what’s needed if and when you do. To do this, look up the kind of salaries available to people with the degree you’re studying, and the average net worth by age in your chosen field. Try to spend your money on the important things, and find little ways to cut back on luxuries wherever you can. Finally, get a job. I know your time is strained as it is, but even working a few hours a week can make a lot of difference in the long run.Be Careful with Cards
Credit cards can be a good thing if you know how to handle them, and have a stable cash flow. However, when you’re a fresh-faced student, they need to be avoided like the plague. Card companies have been known to target inexperienced freshmen, living hand to mouth and easily riled up by the prospect of easy money. They make great customers because they’re often careless with credit cards, and will quickly rack up higher interest payments and late fees. I’m not saying you should never, ever get a credit card, but when you do you need to tread very carefully. Talk to a parent, or anyone who has a little more experience with credit cards than you, then go over all your options carefully using comparison sites. Generally, you should set yourself a fairly low spending limit, and look for cards with cashback rewards and returns.
Leverage Student Discounts
I’m sure you’re already aware of at least some of the student discounts that are available to you. Like most students, you might see many of these as so insignificant that there’s no point in asking for them. While they may be low, they’re not insignificant enough for you to wave away when you’re strapped for cash and trying to support your education! Become an expert on exploiting your status as a student to save money. Everywhere you go, ask for a student discount, and keep track of where the best savings are. Even if it’s only pennies per purchase, those savings will all add up, and help you a lot in the future.
If being a student is crippling your finances, start applying these tips today!