6 Money Management Tips for College Students
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1. Have a Budget for Everything
College students might earn some cash from part-time jobs, work-study programs, and miscellaneous freelance work. That income needs to get budgeted for every possible expense. Learning to dedicate funds monthly toward restaurant stops, movies, textbooks, and laundry (among many other expenses) can help you stay afloat.
2. Rent Textbooks Instead of Buying Them
When you buy textbooks, the goal is to sell them back at the semester’s end. That outcome isn’t always guaranteed. Although you can’t always avoid this resource's cost, you can rent the titles needed for your classes instead of buying them. Save up to 85% when you rent with Knetbooks.com!
3. Find Free Fun Things to Do
It doesn’t take long for a college dorm room to feel stuffy and boring. When you are searching for some fun things to do, look for ways to have fun for free. If you rent a movie, host a game night in your room, or take advantage of the no-cost days at local museums, it’ll be a lot cheaper than going to clubs. Check out Atlas Obscura to find a list of cool things to do in your area.
4. Be Careful About from Automated Payments
Subscription services can add up quickly. When you have automated payments for these products, it is easy to forget about having them. When you manage your money in college, remember to stop these monthly fees if you need more room in the budget.
5. Use Your Room and Board
Let's all take a moment to agree that cafeteria food isn't always the best when you're at college. With that in mind, you can save a lot of cash by eating where your room and board costs have already been covered. Instead of using paid services or going to restaurants, grab meals at home whenever possible. Even if you only use the salad bar, that's cash staying in your pocket for when you have other needs.
6. Pay for Everything in Cash
You may be tempted to use a credit card, but it is a good idea to stay away from that option whenever possible. It is too easy to swipe for a purchase without having money available. Once those monthly balances start adding up, the minimum payments can take a significant portion of your income. Even using a debit card can allow you to spend more quickly without realizing how much you are spending. Buying things with cash will keep you stick with your budget.
Managing your money takes time, so be sure to dedicate time each week for budgeting.More stories about college finance
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- Beginner Budgeting Tips
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