With education rates rising by the hour, it’s more important than ever for college students, who may be drowning in unprecedented amounts of debt from loans, to properly budget their money .
There aren’t any guaranteed ways to enjoy money management success while in school, but some financial tips for college students can certainly go a long ways towards helping scholars better manage their money and assets.
Financial Management Education
The reason most students go broke is due to a lack of education on financial management. According to nationwide.com, a recent study revealed that 84 percent of college students admitted they need more education on financial management.
One of the simplest financial tips for college students is to utilize the resources available, so that you can better familiarize yourself with the terminology and processes surrounding your finances.
Pre-paid Credit Cards
Certain pre-paid credit cards exist to help provide practice for those who need to work on their money management skills. Rather than having to worry about paying off a bill at the end of the month, a pre-paid card lets students practice budgeting their credit and using their card without the added stress that comes with a normal credit card. Practice always makes perfect, so consider trying to simulate what it will be like to have a credit card by acquiring a pre-paid card.
Hunt for Discounts
Car insurance policies often provide options for additional discounts and savings that are rarely advertised. Try doing some research to see what’s out there and whether you qualify.
Discounts can exist for students who overachieve outside the classroom, good grades, clean records and other factors that can contribute to lower rates and fees. Always making sure you’re fully aware of any way to cut costs and save some money is a key financial tip for college students.
Get A Job
According to nationwide.com, three out of every four college students work a job while enrolled. These often come in the form of hospitality and restaurant gigs, serving as a resident assistant, babysitting, and tutoring. In other words, available jobs are out there!
Many positions with a low barrier to entry are available on most college campuses and surrounding areas, so make sure to browse your school’s offerings and see if anything piques your interest.
One of the most obvious financial tips for college students is to create a budget for yourself and stick to it. Prioritize your expenses and establish wants versus needs, meaning decide what luxuries you can live without. One of the biggest factors in proper financial management is to always account for savings. You never know when unexpected costs may present themselves while in college, so do your best to be prepared.