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Tips for Managing Your Money When You Go to College

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Introduction

Like many other things, money and college have a significant correlation. This theory does sound a lot far-fetched, but it is true. In college, most of your things depend on money. That is why students must learn to manage money in college. Luckily, we have some of the top tips to manage money written below.

100 US Dollar Banknotes

Check for student discounts

Student discounts are one of the top important things you should look for when you are in college. Discounts are a way to pay less than the actual price. To help students with managing money in college, the government of various countries has set up reasonable discounts on commodities. If you are a student, you need to look for discounts when buying goods or services. For instance, imagine living in a college dormitory far away from home in a foreign land. Now, here you have to look after yourself and your needs to survive like eating, sleeping, studying, etc. So, it is evident that you would have to buy groceries or want some company to do an essay for you every week or month. In such situations, a student should always ask for a discount on the things they are buying. This act could easily save up a lot of your money, consequently making your budget a little flexible. 

Another scenario where you could use your discount is when you are hanging out with your friends. It is expected that students in college are mostly hanging out with their friends almost all the time. Sometimes they go to watch movies, while at others, it is a simple meetup at dinner. Whatever the case, if you are ever hanging out with your friends and you decide to watch a movie or eat, always ask for a student discount as it could be beneficial. The only challenge here is that you should always carry your student identity card with you. However, many students take great shame in asking for discounts. Remember never hesitate to ask because the shopkeeper probably understands what you are going through. Who knows, even he might have been a student once!


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Find a good savings account

How to manage your money in college? A question every student asks their parents before being sent off to a college. It is wise to save money, and it is even more discerning to ask an experienced person about it like your parents. Many parents come up with different answers like do not waste your money on foolish things, eat from the college mess, or live cheaply outside the college in a hostel instead of a dormitory. These suggestions are fine, but one of the most significant things people forget is opening a savings account. Opening a savings account is one of the best ways for money management for college students. Now it may not look much, but a good savings account has benefits beyond comprehension. A savings account earns an interest rate. This means that if you transfer your money into a savings account and keep it there for an extended period, it would automatically increase annually. This way, you would have more money than you left in the savings account by the end of each year. However, the only problem is that not every other bank has a savings account with an earning interest rate. Some banks have savings account without the function of interest rates. So, always watch out for this before you open a savings account in a bank. 

Use credit cards wisely


Credit cards are a blessing when it comes to learning how to manage money. Now many of you will not understand first why credit cards are so important, but once you read these points written below, you would realize its significance and immediately run to get a credit card. Some of the benefits and things you must consider before getting a credit card are,

  • Single-time bonus – Credit cards often have a deal on them every time. For instance, some credit cards have a bonus already in them if you buy them. However, at other times, they have offers like if you spend a certain amount somewhere, you will get a bonus. So, that is why a credit card for a college student is a must thing. The only challenge is finding yourself the best credit card offering the best deal at a certain period.
  • Cash-backs – Cash-back is an opportunity you have on a credit card to get some amount of money back spent on your purchases. For instance, some cards have a 2% cashback policy while others have a 4 to 6%.
  • Reward points – Some credit cards have a policy of customers earning points on every dollar they spent. The greater the points, the better. This way, the customer, in the end, can redeem the accumulated points for more money. 

Apart from all these benefits, credit cards can also help students pay for perfect essays by ordering online in college.

Control your expenses

College life is a life full of socialization in the form of parties, events, gatherings, and hangouts. All of these activities seem fun until you run out of money at the start of your month. That is why controlling your expenses is a significant factor in saving money. It would help if you avoided all kinds of extravagance in college, like spending on food when you could have eaten in the mess hall or going out more than once a week with your friends in college.

Budget for saving and surprises

Life is a journey full of unpredictable events. You never know when you could be in need of money in college. That is why it is important for you to set up a budget and follow through with it accurately. Who knows, you might make a trip during spring break with your friends to somewhere. In such cases, having money saved on a side is a blessing.

Don’t buy it unless you need it

One of the core things that a student should always think about before buying things in college is whether the item is of absolute necessity. It is essential that you differentiate between your needs and wants in college. Always ask yourself in your heart before buying the smallest of things like a pen, do I really need it?

Crop payroll clerk counting money while sitting at table

Conclusion


College is always going to be a difficult place where you can manage your money and save it. It will be a tad tricky at first to sacrifice your deepest desires, but eventually, you overcome them. However, to help you with it read some of the best college money tips written above.


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