Finance Management Tips For College Students

Posted on Jan 15 2016 - 8:49am by Editorial Staff

College Grad

Your college life marks the commencement of your independent living where you have to learn to do most of the things independently. Among all the things, the initiation of your college implies independent management of your finances. The post here offers some great tips that will make you smarter with money management in your college years.

Create your budget

This is the most important point when it comes to a smart finance management. List all the income sources such as your scholarship, savings, wages & parental allowances. Now, calculate your estimate expenses to be met each month. You have to take into account your flat rent, costs of stationary, occasional outing expenses, laundry costs, car fuel, phone bills and so on. Then, see how you will allocate your income to your expenses and also calculate how much you can save every month. Sit with your budget plan every month to see whether you have been able to follow it as planned.

Free checking account

There are banks that offer free of cost checking & saving accounts for college students so that the latter can avoid charges on fund transfer or withdrawals. It is smarter to choose a bank that has got its ATM near your campus as this help you to avoid out-of-network charges.

Use credit card wisely

A credit card in your wallet is something really excellent but it’s not meant to waste on impulsive shopping. Young college students have this tendency to run into credit card debts quite often given the cashless shopping ease offered by the credit cards. Remember, you still haven’t started your career and the expenses must be according to it.

Looks for sales offers & student discounts

Yes, college is the time to flaunt latest style statements and trendy fashion but doesn’t let your enthusiasm surpass your budget plan. While shopping, look for sales offers so that you can save with discounted goodies. Besides, there are shops and stores that offer discounts for students- look for them as you plan your outing.

Save on textbooks

Your semester textbooks command a huge share of your college expenses but you can manage to save well here if you are smart. Use the college library as much as possible so that you have to spend less on reference books. Create a strong rapport with senior students and see whether they are flexible to pass on their old books to you. You can also go for used bookstores here. At times, buying online can save you handy than getting the books from your campus bookstore. Some of the sites might even offer a free download of some of your reference books.

Protect your personal information

College students are often the victims of identity theft and hence beware. Keep a regular check on your bank & credit accounts and in case of any discrepancy report immediately. Also, do not share your personal information like account number or password or SSN even to your closest buddy.

About the Author

Editorial Staff at I2Mag is a team of subject experts.