6 Money Management Tips Every College Student Should Know
Going to college can be a wonderful experience. For the average “broke college student,” things can be a bit difficult though. Quite a number of things can drain funds leaving a student short on cash and in a miserable state of mind. Often, the students find themselves in such a situation because they do not know basic money management. A few tips on fiscal responsibility could prove highly educational for someone in an institution of higher education.
Don’t Fall into the Party Trap
Friday night is usually the time to go out and have a good time. Friday night was so fun that you repeat the same thing on Saturday. Now, there’s nothing wrong with having fun but remember fun things cost money. Don’t get too hung up on having a good time every week or else you will see your wallet thinned out on your credit card balance go up.
Beware of Eating Out
Try to stick to your college meal plan. Avoid the desire to always order out meals or visit the local fast food place. Before you know it, food expenses become the budget buster of 1,000 cuts. $6 here and $15 there add up over the course of a semester. Sometimes, they add up to a lot.
Avoid Trying to Keep Up With What’s Hip
Everyone wants to be hip and up-to-date with fashion and consumer electronics. Fitting in becomes easier when you’re keeping up with other members of social circles. Unfortunately, there is a price to pay for doing this. You literally pay for all those clothes and gadgets. With this be the best use of your limited funds? Seriously think about whether or not you can afford to keep up with everyone else.
Buy Things Used
Try to avoid paying full price for new things. Everything from clothes to textbooks can be acquired at decent savings through buying used. Shopping online opens quite a few doors for purchasing second hand. Opt to buy things used when possible to cut down on spending.
Set a Weekly Budget
Without a structured weekly budget, it becomes easier to go off the rails with spending. Managing your money then becomes impossible. Sit down and write out a reasonable weekly budget. Stick to that budget to keep spending under control. Otherwise, you’ll likely blow through money unnecessarily.
Work a Part-Time Job
Saving up money by working during the summer isn’t a bad plan. Relying solely on money in a savings account for the year might be. Explore options for a part-time job. This way, you have additional money coming in during the year. Extra income could help cover expenses and support a good fiscal situation.