Personal finance tips for college-goers

If you are a college student and want to save money for other possible expenses in the future, you should be in a position to make a choice and look for savings everywhere around.

Remember, saving is a difficult activity when you know that there are so many people around you showing off their newly purchased gadgets and amazing add-ons. It is possible that you might be simply attracted to their tricks and start looking for ways in which you can waste your savings. So, the first tip here would be to stop being jealous of them or feel the need for buying something only because another college student have it. Instead, start looking at the other side of the world where people do not have even what you have. Again, we don’t want you to feel proud of the fact, but be content with what life has given you.

Other tips are posted below.

1.    College bank account: As a new entrant to the college world, it is important to know that choosing a college bank account is important because it has a number of benefits including, using your college IDs as a debit card. Remember, this is a feature for you and should not be confused that everything will be subsidized for you. There are some terms and conditions to be followed. So, go ahead only after knowing the fact that you will even be penalized if you do something wrong.

2.    Make a college budget: Let the normal budget be out of your mind for a minute. Make a college budget where expenses related to college should be noted. Here, you should even include an approximation of variable costs like printing, stationary, etc. An approximation can be opted for on a basis of your past years in the college or high school. Apart from this, you should even include events and related expenses in this list. Once you have compiled every expense you know, you should add another 20% to the total and count it as your college budget. Your college budget is extremely important, and you should make constant efforts to pull down the expenses without compromising on the satisfaction of the needs. So, you can live a happy life and enjoy the benefits of the same. A college budget should be your priority in college, and you should make an effort to let it be on your priority list till the end of your college years.

3.    Don’t miss your lectures: Whatever may be taught in the college you should attend college lectures and get as much knowledge out of it as possible. This is important because if you miss lectures and have a doubt that cannot be solved by your friends, and the lecturer is not in your contact list, you might miss out on vital points and curse yourself for making the mistake. It can even cost you a year. So, don’t make the mistake because paying unnecessarily for an extra year is an extra expense.

4.    Plan your year: If you can plan your year in advance, you will start saving for the prom night and other events you want to participate in. You don’t want to regret missing out of the fun at the prom night because you were not able to get your favorite dress. Save the embarrassment by planning your activities and expenses in advance.

5.    Shop smart: Smart shopping techniques are to be adopted by everyone who wants to save money. As a college student, you are included. So, look for ways in which you can save money by shopping smart. Smart shopping includes looking for the right coupon codes and offers at a popular store or site. For example, if you are shopping at Kohls.com, and you want a particular dress that is slightly out of your budget, you should not borrow money from anyone. Instead, look for offers available Kohls.com on the same or similar products. If offers at Kohls.com do not excite you, you can always think of coupon codes because coupon codes rarely waste your time. Looking for the right coupon codes you will be in a position to make the most of the experience and be happy with the selection made. So, think about it and save money on the go. Saving money is easy if you can look for either coupon codes or offers. However, if you are looking for extreme savings, you should club coupon codes with store offers. This should help you get the best price. Looking for coupon codes for Kohls.com, you should have a close look at the expiry dates so that you do not feel disappointed while applying the particular coupon code.

6.    Get a credit card: If you want to be an expert on the topic of personal finance and start saving money, credit card is important. However, credit card should not be applied for creating debts. Instead, it should be swiped only when you need an item urgently, and you do not have enough cash in hand. At the same time, credit card is a good resource that adds to your sense of responsibility and makes you feel more financially stable. Of course, it can even help in building a good credit score. So, look for a credit card. Before choosing one, you should know their terms and conditions so that you do not fall prey to excessive fees and charges.

7.    Emergency fund: Like every growing young adult, you even need to have some responsibility and take necessary efforts to stay strong when the need of the hour is to stay strong. You don’t want an unnecessary expense to pile up and make you feel like an empty bank balance will be seen for months and maybe years to come. If that happens, you will soon be in the debt cycle and getting out of the cycle will not be easy. So, be smart and create an emergency fund.