Great Money Hints For New Students

Beginning your post graduate education at college or university means embarking upon an exciting new chapter in your life as an adult

. Going away to school, however, may mean managing money for the first time. It can be daunting to find yourself in charge of your finances, especially while you are spending most of your time in classes, instead of working. Here are some great money hints for new students that will help you to stretch your finances as far as possible this year:

Before you even leave for your first term of school, identify your major costs, and how much money you have saved and how much you will be able to earn if you have already landed a part time job. These are the first steps toward creating a budget. Ascertain whether or not you will be purchasing a meal plan, or if you need to budget for groceries each week. Find out if your apartment or other housing arrangement includes costs like electricity, internet access, and other utilities that you may have taken for granted while living with your parents. If you are still looking for somewhre to live, make sure you factor in the value of included utilities, such as electricity, heat, hot water, etc.

Living on your own, you may find yourself in need of transportation. Look into auto financing as a way to afford a vehicle to get around. Look for special rates offered to students so that you can afford to purchase a car that, while it may not be new, will be sturdy enough that you will not be forced to pour money into its repair and upkeep. You will also benefit from the lower cost of auto insurance on cars that are in good health.

Health insurance also is important to new students. Find out if your college or university offers a low cost plan for students if you are no longer able to use your parents' insurance plan. A hospital stay, even if it is just to get your arm set in the emergency room, can wipe out your finances. Health insurance, though an additional expense, will help mitigate any emergency costs. You also should consider home insurance or renters' insurance if you plan to live off campus. Emergencies such as an overflowing toilet can lead to costly repairs, and having insurance means that you will be able to afford to make them.

by: Callum Rockwell

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