Many college students are quite bad with money. Are there many of us who could say that the years we spent during college were our best money years? I doubt it, I know that I made several money mistakes when I was in college.
College should be a learning experience, and that means that you should also learn how to handle your money and learn from your money mistakes.
Gen Y Finances: 2017 could be most successful year in your life!
Watch those credit cards.
Before you get your first credit card, you should fully understand them. They are not free money and they should not be treated as much.
Only buy items that you can actually afford. If you can’t afford it, don’t even think about putting the purchase on your credit card.
Take out the least amount in student loans that you need.
Many college students are guilty of taking out more in student loans than they need, and then putting the rest towards their normal living expenses or fun things (such as food, clothes, and/or travel). However, don’t do this!
Only take out what you need, and not any more. Taking an extra thousand or two each semester that you don’t need can add up very quickly. Before you know it you may have an extra $10,000 in student loans that you didn’t even really need.
Have a budget.
You always need a budget, especially if you are having money problems. I always love it when people say they don’t need a budget, yet they are spending more than they bring in. If you are questioning whether or not you need a budget, then you probably do. It won’t kill you, in fact 99% of the time it probably will help you.
Maximize your student ID.
If you are in college, then you most likely have a student ID. Always bring it with you because you can get discounts at many places. Whenever I shop somewhere, I always try to remember to ask if they offer a discount for those carrying a student ID. Usually it’s a discount between 10% to 20% and it doesn’t hurt to carry it with me everywhere.
Skip the campus bookstore.
If you need textbooks, try to always see if the textbooks are cheaper online, because they usually are. Renting or buying used textbooks are the way to go!
If you are in college and don’t have a job, I want you to think twice. You probably have some extra time and you can make extra money to pay down your tuition and bills.
What money tips do you have for college students?
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