Being young, the world can be your financial oyster or your financial pit hole. It depends on whether or not you, the college student, has the necessary skills to handle your monthly finances. For those who don’t, fear not. Our team at Easy Earned Money is here to help you find your financial way with these money management tips.
Most financial websites will recommend cooking on a budget, opting for movie-night-in instead of partying, or opening a savings account. These are all the common, less-effective ways to manage money. We’ve been college students before and know that the college world bears temptation. We’ve got our heads in the real world and have provided more appropriate tips to help you live a little without going broke in your college days. As a student, these are the best days of your life, so live them – just live them wisely.
Are you Setting a Budget?
The first and foremost tip to manage your money is to budget. Online sources reveal, “A college budget is a very powerful tool in personal finance. When you create a budget and track your spending habits you have insight into where your monthly income is going and where you need to cut back. Living on a budget doesn’t mean you can never have any fun, it means the fun you do have won’t prevent you from paying the bills.”
Common Mistakes College Students Do, And Those to Avoid
We’re all human and make common mistakes. However, college students tend to make more financial mistakes and feel the brunt of it throughout life. So, with this, as any financial advisor will attest to, avoid these common mistakes:
- Partying too hard when they should be saving or paying off their financial aid harder
- Tanning by the pool when they should be getting a part-time job
- Spending on their credit cards
- Avoiding efforts to build one’s credit score
- Not setting realistic goals
- Not having a debt payoff plan
Other online sources recommend the avoidance of the following:
- Buying items based on impulse and impractical spending
- Not having an emergency fund
- Prioritizing wants over needs
- Making bad investments and missing out on free opportunities
- Impractical spending
- Applying for loans that bear huge interests, and then wasting it
Are You Tracking Your Finances and Expenses?
As online sources will state, “Spend some time thinking about all of the living expenses you are responsible for each month. Start with the basic college expenses – tuition, room, and board (or rent and utilities, if you’re living off-campus), textbooks and class supplies, phone, car payments and insurance (or public transportation costs), haircuts, toiletries, and, of course, food. When you’ve made a plan for the money you have, you can rest easy knowing your priorities are covered.”
We also recommend you track expenses for fraudulent charges by date. Why not track your expenses through apps like Wally, Mint or Acorn? Ever heard of them? Read on.
Are you Making Use of Financial Management Software and Apps?
The 21st Century college student is one with their heads embedded in their phones. This makes it the ideal platform, and century, to enjoy financial management software and apps. Move over pen and paper, college students can now make use of apps and software to manage their money. “There are a variety of budgeting apps available to help you. Just get into the habit of plugging in your daily or weekly spending to get a quick view of how you’re doing and where you may be overspending,” sources reveal.
Action These Tips Today and Manage Your Money As A Student Now!
With these financial management tips, you’ll be the college student who has financial gold and a bright financial future, rather than one who boasts many student loans, personal loans, and credit card debt. If you start today, you’ll benefit tomorrow as good financial habits will bear fruit in your adult working life.
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