Money Management Tips for Students

If you’re a student, money management is likely one of your priorities. You need to ensure that you can get through college without burdening yourself with too much debt, and that you’re prepared to build a financially healthy future. In this guide, we’ll discuss a few of our top money management tips for students.


  1. Start Budgeting Now


Track your spending. All of it. You can’t know where you can cut back until you know what you’re spending. Consider using a free online app like Mint, or a paid app like You Need A Budget. You could also just use a basic budgeting spreadsheet in Excel.


Track every single dollar you spend – and set goals for how much you’ll save and spend per month. If you don’t budget wisely, you could end up in a sticky situation – and you may need to take out a cash advance or short-term loan to cover your expenses, which can be costly.


  1. Think Before You Open Up That Credit Card


Credit cards – and debit cards, for that matter – are useful tools. Use a credit card right, and you can benefit from purchase protection, cash back and points rewards, extended warranties, and more.


But if you use a credit card incorrectly, max it out, and can’t pay the full payments – or even the minimum monthly payment – you’ll end up paying huge interest fees and penalties. Think about whether you really need a credit card. It may not be worth the risk.


  1. Shop for Used Books to Save Money


You can shop for used books on websites like Amazon or Chegg. This is almost always cheaper than buying textbooks directly from your on-campus bookstore. You should also sell your own textbooks after you’ve finished your classes – this is a great way to recoup some of your investment and use it on books for the next semester.


  1. Make Sure You Understand All of Your Financial Aid and Scholarship Opportunities


Depending on your grades, income level, and other details, you may be able to qualify for more financial aid or apply for scholarships at your school. Contact your financial aid office to learn more and see if there are any opportunities for you to get more aid or scholarships to help pay for school.


  1. Beware Of “It’s Just 5 Bucks” Syndrome


Sure, that meal from Wendy’s was just $5. That latte from Starbucks was only $4, and the snack from the vending machine was just $1. But these numbers add up. Spend $10 a day on unnecessary items every day, and all of a sudden, you’re looking at a $300 hole in your budget. Control your impulse spending, and don’t spend money on things you don’t need just because they’re cheap.


  1. Look for Student Discounts


Lots of stores, websites, and even movie theaters and other such businesses offer student discounts. Always carry your student ID with you and do some Googling to find out which businesses will provide you with a discount. Every dollar you can save will help you!


Follow These Tips – Control Your Finances in School


College isn’t easy, but if you follow these simple tips, you’ll be able to avoid some of the biggest mistakes made by students – such as getting into credit card debt, failing to maximize scholarships, and not properly tracking their spending. Get started now and see how these tips can help you build a more financially stable future.

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