When you are in college, you should just be studying and concentrating on getting the skills you need to have a bright career in the future. Unfortunately, you are also worrying about other things such as your peers, your clothes and most importantly, your budget. Handling your money in college is pretty hard and can put you in a big financial mess by the time you graduate from college. You might have loans to pay as big as your careers first annual salary. This is why it is very important to take control if you want your financial future to be bright.
Luckily, we at Enrollmint.com are here to help you. The following are some financial tips that will help you through college. Read on and learn how you can have financial freedom.
Tip #1: Cash only – Use cash every time as this limits your spending. Never use credit cards except in emergencies. When we say emergencies, we mean real life emergencies. Once you get a credit card, it is very easy to start racking up the debt. Be careful when you are thinking of charging items on your card. Try to use credit cards for emergency purposes only.
Tip #2: Pay Bills on Time – Now is the right time to stay on the right financial track. You can do this by paying your bills on time, whether it is your credit card bill or your dorm bill. If you fail to pay your bills on time, it can get quite expensive. Many companies will charge late fees and the interest will only go higher each time you don’t pay on time, costing you even more money for being late.
Tip #3: Be Thrifty the Right Way – Many college students don’t realize the importance of being frugal or thrifty in college. Many students want to show off and spend extravagantly. What most people don’t know is that you can act or look extravagant without spending a lot of money. You just need to know the right way to be thrifty. For example, you need a great makeover for a party you would like to attend tonight? Why don’t you go to any mall’s cosmetic section and there you’ll see a free makeup trial section that you can take advantage of. Want to have new clothes for the dance? Why don’t you and your friend try switching up clothing items and mixing and matching outfits. Having the proper thrifty habit early in college will help you reap great benefits when you are older.
Tip #4: Pickup Coins and Save Spare Change – Most college students undervalue the worth of coins. Most of them even ask restaurants or shopping centers to keep the change. If they saw a quarter on the street, they would not bother to pick it up. Why? Coins are heavy on the pocket and it always looks better to carry bills with you. However, if you just save those coins and pickup each coin that you see in the street, you’ll be surprised how much extra cash you will have each month.
Tip #5: Look for the Best Checking Account – You can save a great deal of money by choosing the right checking account. Some banks have fees based on maintaining minimum balances. When you don’t meet this requirement, you’ll have to pay a banking fee. There are many banks that offer checking accounts for college students and waive those fees. Do your homework and find the best bank that fits your needs. Take advantage of these banks and you can save a great deal of money every year.