subject: How to Save Money in College [print this page] How to Save Money in College How to Save Money in College
Time spent at college can be great experience and in some cases the best time of your lives. But it's time to get serious just for a moment and make some crucial money management decisions that can make that college life even more pleasant and carefree. I won't bother you too much, I'll concise it all in few really useful lines.
Money Management
You should change some money management habits, now that you're on your own, not only because of college life and duties related to it, but for your future life also. Never forget that routine and habits you're creating right now will follow you through your entire life.
- Find a balance between saving and splurging. If you plan to spend a greater amount for something nice, wait until you can pay in cash. You'll see it's the better way, and you're gonna feel better too.
- Don't get a credit card unless you really need it. Credit cards are the easiest way for bank to make money from you, and fastest way for you to spend it.
- Avoid off-college debt. You should try hard to act as rational as possible.
- Join a credit union. But don't just sign up for a random bank, instead search a credit union in your town, or do some online research for banks.
- Pay your bills on time. If you get used to pay your bills as they arrive, you won't have to worry about forgetting them.
Smart Planning
Learn some basicfinancial skills.
- Make a budget. At the start of the month estimate how much money you'll receive and decide where it should go. Oh yes, and you don't need to spend it all.
- Use a notebook to track your spending. It'll prevent you from getting overdrawn at the bank or charging more than your credit limit. This will also show your spending patterns.
- Save your receipts. You'll need to be able to compare them with statements at the end of the month. And some you'll need to keep for several years.
- Guard your vital data. Don't give out your social security number or your credit card info except to known and trusted people.
College Life
I know it's hard to resist temptations sometimes. And you don't need totie yourself down by all the rules, just hear these few tips.
- Try not to use a car if it's notnecessary. It's expensive, gas, maintenance, insurance, registration, parking. Stick close to campus. Learn to use mass transit.
- Buy used textbooks. You're just going to sell them back at the end of the term. You don't need new textbooks, and this way you're making money.
- Don't hang out with big spenders. Hanging out with them can lead you to spend more than you can afford. Those people aren'tthe most interestingcompany you can get anyway.
- Take advantage of free, orinexpensivecampus activities.
Personal Life
As part ofgrowing up,you'll have to train yourself to feel good as independent person, and have to get used to that your parents are notalwaysaround.
- Go to classes. You're in college to learn. Everyone skips now and then, but don't make it a habit. What you learn and do now will have a profound impact on the rest of your life.
- Get involved. Staying busy staves off boredom. It also helps you build skills and form social networks that will last a lifetime. Find something that sounds fun to you, and do it.
- Stay active. A healthy body costs far less to maintain than an unhealthy body.
- Eat healthy. It's less expensive and it'sworth in the long run.
- Easy with vices. Beer, cigarettes, and pot are expensive. They also screw with your body and mind. You must find your limit in these things.
- Decide what's important to you, and pursue that. But don'texaggeratein anything.
Making Money
Hear this out, the most important thingis yet to come... You can make money by saving money. But the best way to save your money is to earn more!
- Spend less than you earn. If you don't earn much, then don't spend much. Get a nice, suitable, work-studyjob anddistribute your earnings wisely.
- Be a great and useful employee. Good work habits can lead you to recommendations and contacts that you can use after you're out of school.
- Learn to invest. Find a discount broker and begin making regular investments. Don't obsess over the detailsright away. The most important thing is to develop the investment habit.
- Start your own side business. Find out what's your best and most usefulknow-how. It doesn't have to be atremendousundertaking at thebeginning, just a small enterprise where you'll show yourself that you're capable of making small money. It's not just about nice pocket money you can earn, but this could give you a strong boost for futurebusinesspursuits.
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