Sep 26, 2016 08:53 AM EDT
Finance In College: Easy Money Tips For Students
College students have limited resources so it's only wise for them to be mindful of where their money goes. It's also important for them to start saving money early. One way to save is to get a part-time job while studying.
There are advantages and disadvantages if a student is working while in college. The pros include earning relevant work experiences and learning professional skills such as communication, team work, time management and customer service. A disadvantage would be the job's potential to interfere or distract from students' college goals and academic progress.
BuzzFeed shared easy money tips for students that can help them manage their finances while in college. It includes advice on how to save on transportation costs as well as how to save.
1. Always compare rates.
Whether it's for your rent, mobile phone package or transportation, always check available resources for discounts and better deals. The same goes for internet providers.
2. Do your research and put up a good bank account.
The publication noted that the ideal would be a student account with a 0% interest overdraft as a minimum. Also, students should not be afraid to switch or set up separate bank accounts.
3. It may be best to avoid credit cards and just use cash.
While having a credit card is needed to improve your credit rating, if you can, stay away from using money that you don't have yet while you're still at uni. It was revealed that using actual money can help curb spending.
4. Make sure to keep track of your expenses.
It may seem excessive or frivolous but actually tracking your expenses and writing them down will help give you a better perspective of where your money is going. Check out these apps that can help you manage your finances.
5. Save money.
Set aside a certain amount for your emergency fund or a financial buffer. You can also save money by cooking and buying things in bulk.
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