8 Essential Financial Management Tips College Students Need to Know

As much as an exciting time that college is, we all know how expensive it can be. With mounting deadlines, pressures from peers to attend social events, managing your finances might not be at the top of your list, but it’s so essential that you do to ensure that your academic years pass effortlessly and without having to worry about struggling for money. Here are eight essential tips you need to know to do just that.

1. Create a Budget

One of the best and easiest ways to manage your money is by setting a budget that you can stick to. This could be a monthly or weekly budget, and it will define how much you spend during this time. Take all the money you have at the beginning of the month, take away your bills and expenses and whatever you’re left with you can divide into how much you’re going to spend on food, social events and your savings.

2. Avoid Credit Cards

When you’re in need of a little bit of extra money, it can be incredibly tempting to sign up for a credit card. However, these kinds of credit usually come with high rates of interest and expensive repayment fees which, if you miss even one payment, will leave you in more debt than you started off with.

Maria K. Simmons, the educational expert from Elite Assignment Help, continues;

“Credit cards are a simple product designed by banks to make as much money as possible. If you take out money, the banks will charge you a very minimum and affordable payback fee. However, the interest on these cards are extremely high, so even if you’re paying back $50 a month, your interest may be $40, meaning you’re only paying back around $10 a month.”

3. Using Free Online Services

When you’re trying to complete your essays and assignments, it can be tempting to sign up for premium writing resources to try and make these tasks as easy as possible. However, why pay for expensive services when you can find the same information for free?

Websites such as State of Writing, Who Invented School, Cite It In and Word Count are all free online tools and resources that can help you create outstanding essays without having to pay a penny.

4. Check Out Available Grants

As a student, you may be entitled to certain grants or benefits that can help to fund your university lifestyle, so they’re well worth checking out.

There are some options that may be available through your government, your university or from a private company so always make sure that you shop around online to see what’s available to you.

5. Take Advantage of Online Student Discounts

As a student, every penny counts. If a company is offering a discount on a service or product, why would you want to pay full price elsewhere?

It pays to shop around. Some professional writing services, such as Boom Essays (that is recommended by Huffington Post in “Write My Essay For Me” post) and Essay Roo, offer continuous discounts to students on their writing and editing services, ensuring that you pay the most affordable price for a high-quality service.

6. Build a Credit Rating

When it comes to taking out loans, whether personal or business or mortgages later in life, your credit rating will define the rates of interest you have to pay as well as your eligibility for the loans themselves.

The better your credit rating, the better deal you’ll have. If you have no credit rating, you’ll receive a very poor deal. I know, it’s recommended that you steer clear of credit cards. However, by signing up for a credit card, you can instantly cut it up and put it in the bin before you have a chance to use it.

This way, the account stays open, but no money will be coming in or out, awarding you with a perfect credit score that will benefit you later in life.

7. Earn Extra Cash Through Freelancing

When looking for ways to make paying the bills easier, it’s worth considering becoming a part-time freelancer. Through websites such as Research Paper Help and UK Writings, you can get involved and find work such as writing articles, blogs, essays or content for other students around the world and you can even find tutoring positions, helping other students to learn about the subject that you specialise in.

8. Live Simply to Live Like a King

It may be tempting to take your new-found freedom to live how you want to live. Aspects of sweet living, such as eating takeaways every night, going to the cinema when you want to and just overall splashing out and carelessly spending your student loan will simply leave you struggling in only a matter of weeks.

Instead, living frugally and only treating yourself to these luxury expenses now and then means you can extend the lifespan of your funds, allowing you to live comfortably. Why not treat yourself at a milestone in your academic year.

For example, if you’ve just completed a difficult exam or essay, treat yourself once it’s over. This way, you’ll also have a lot more to look forward to after you’ve completed all the hard work.

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