Financial Advice For College Students
Financial planning is very important and essential during college. It is the first time that students are on their own and have to personally manage their finances. So if you want to avoid debt it is important that you lay down some financial rules for yourself. Financial advice for college students will certainly help to budget and manage money in a better way. With some personal financial discipline, you can go out of college debt free. Here are some financial advice for college students which immensely helped me in my college days. I hope they help you too and also feel free to add your own advice in the comment section. Some more advice in managing finance for college students will certainly help other readers.
- Don’t Get A Credit Card:The first and very important advice for college students would be to not get a credit card. Credit cards encourages purchasing and can disturb your monthly budget. Also, most of college students lack financial discipline and with credit cards at their disposal they would want to buy every new gadget that hits the market. So, it is advisable that you don’t get a credit card and if you have one make sure you use it sparingly.
- Always Pay In Cash:This financial advice is not only for college students but for everyone. A person will always spend less if he is paying in cash. Also, one can easily track their transactions if they are done in cash. So, college students always try to pay in cash.
- Pay Your Bills On Time:Most of college students don’t pay their bills on time. Please don’t do that. Pay all your bills on time so that you don’t have to pay any penalty amount and also paying bills on time won’t make your budget go haywire.
- Track Your Spending:Unless you are keeping track of your spending, you won’t know whether you are overspending or where you can cut down your expenses. When you keep track of your spending, preparing a budget really becomes easy. There are a lot of free online softwares available that will help you keep a track of your spending. Mint.com is the most popular free personal finance software. But I would highly recommend that you use quicken. It is a paid software but you can keep track of your expenses to the penny.
- Buy Used Textbooks:Why buy new textbooks when you are only going to use them for a year. Buying used text books will save you a lot of money. Also, if you have books to sell, I recommend you sell it at Sellbackyourbook.com. They offer great prices and you don’t even have to pay for postage. They cover the shipping cost. So just visit the site enter the ISBN number of the book you want to sell and you will know how much you will get for your book.
- Make A Budget:College students must have heard this financial advice many times but still there are many that don’t make a budget and then suffer as the month ends. Setting a budget would bring down your expenses and also you can keep money aside for those necessary bills.
- Set A Limit On Going Out:This is a very important financial advice for college students. College students should really set a limit on going out. Learn to say no and go out or make only important trips.
- Use Public Transport:Using public transport is a very good idea. It will save you from exorbitant gas bills. You can use this money for your other needs and luxuries.
- Make Money On The Side:
It is always a good idea to increase your income rather than to cut down on your expenses. There are a lot of ways to earn money for college students. For example, join a site like hubpages, write what you know and make money.Signing up for hubpages is free.
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