For many young adults college is their first taste of independence. Not only are they forced to fend for themselves when it comes to feeding themselves and getting to class on time, this is the point where many parents take a step back on providing around the clock financial support. This forces a large amount of college students to find part-time job, paid internships, and look into additional scholarships and grants to help extend the money they already have. While being a “broke college kid” has become somewhat of a cliche, it doesn’t necessarily need to be that way for you. With a little bit of budgeting you can break the stigma of being a down on your luck student during your four years of university. By following our quick financial tips, you can help save your money and truly make the most of your college experience.
Tip #5: Separate what you want from what you need
When you were a child it was so easy to pull things off the self and throw it into a kart because it wasn’t really your money. Now that you’re on your own and have several expenses to think about, you have to distinguish between the things that are necessary and what you can do without. Keeping this in mind will prevent you from being penniless when it’s time to take care of bills, buying food for the week, or doing laundry.
Tip #4: Beware of Credit Cards!
Credits cards may seem like free money but remember they must always be paid back… with interest. Having a few credit cards on hand might sound like a good idea initially but there’s nothing than worse than being stuck with an extra bill at the end of the month. Whether or not you have a good credit score will play a large role in life down the line, so try to manage them wisely.
Tip #3: Shop smart when it comes to textbooks
Nothing drains a college student’s pockets more than paying for textbooks, with a single book potentially costing anyway from 300 to 500 dollars. Thanks to the internet there are now various ways to get the books you need without breaking the bank. Sites like Amazon.com now allow you to rent and buy used textbooks at a lower price, while social media sites are great for finding and interacting fellow students that may have the books you need.
Tip#2: Bank Accounts are your best friend
How are you supposed to know how to properly budget your money if you don’t know how much money you have? By opening a simple checking or savings account with a nearby bank, this will allow you to keep track of how much money you have at all times, in addition to help allocate your funds to whatever expenses matter most. These accounts also make cashing your paycheck much simpler and more secure.
Tip#1: Do your research when it comes to scholarships and grants
When it comes to college tuition, the less you have to pay out of pocket the better. That said, most students and their parents find themselves in large amounts of debt, thanks to student loans. Believe it or not, there are hundreds of scholarships and grants out there that many are unaware of because they didn’t do the proper research. There is tons of financial aid and assistance, and with a little bit of digging, paying for college can be a whole lot easier.
So there you have it. By following these tips you can hopefully break the curse of the “Broke College Kid”. For additional information feel free to visit www.nazaire.com and don’t forget to follow us on Facebook, Twitter, Instagram, and LinkedIn at Nazaire & Co.