25 Financial Tips for College Students – Make Your College Life More Enjoyable

College is a time where students find themselves in a situation where money becomes scarce and stress load skyrockets. It is a time when we feel as though the whole world is going to fall down on us and even the littlest of things become difficult to achieve. Student loans are a migraine and many students feel they are not smart enough to be investing so much in college. It is a time when you should understand that money can slip right through your fingers if you don’t take enough precautions. Yes, college time can be tough but these years are also quite important in your life. Money management is very important in these years and so is planning and organizing how you spend your money. This post is going to lay out 25 tips for making your life easier and handling your money better.

  1. Don’t get a credit card – a credit card only inspires and motivates its owner to spend more. This is because you are not really paying anything in that moment. Get a credit card only if it is necessary or you have another debt to pay apart from your student loan.
  2. Avoid getting into debts other than your student loan – this tip goes with the previous one. You should avoid all kinds of debts because it can make your life even more stressful. Your college life is meant for you to learn and grow so adding debts at this stage is pointless and not very productive.
  3. Pay all your bills on time – pay all your bills on time and make sure you do it each time. This is because paying them late can cause you to have to pay fine and taxes later. To save money, you should always keep a check on how much you need to keep aside for your regular bills.
  4. Save money before you spend it on non-necessities – it is a good thing if you want to enjoy your college life and youth but spending money on non necessities should be limited. You don’t want to spend money on things that are not so important unless you have saved money.
  5. Keep a record of how you spend money – this is extremely important and unfortunately, widely forgotten and ignored rule. You should always record how you spend your money and then tweak your patterns to make them better later in life.
  6. Make a budget – a budget is a plan which describes how you would be spending your money in the near future. It helps you divide your money into different buckets so you know just how much should be reserved for what purposes.
  7. Save all your receipts – you should also save all your receipts for later review. It is possible that you may get confused about your budget later and will have receipts to come back to clear things up.
  8. Invest in used textbooks – there is no point in purchasing new textbooks when you can find used ones at half price! Also, you would be selling most of them back later in life so buying a perfectly new textbook is only a waste of money.
  9. Stay on campus during breaks – you may like to go on a trip during your breaks but if you want to save money, you should probably stay on your campus and enjoy nearby places. You wouldn’t believe how much enjoyable your campus life can be!
  10. Don’t invest in cars – cars are fun and all but investing in them is a major expenditure. You will need to pay for its gas, maintenance, and what not! Definitely not worth it if you are managing your money.
  11. Attend classes regularly – you are paying for these classes and should definitely attend them!
  12. Don’t stop exercising – people who stop exercising tend to fall sick which increases medical bills for them. It is highly recommended that college students do not stop exercising and make it a part of their schedule.
  13. Eat healthy – healthy food can be surprisingly cheaper than junk! Also, it adds to the quality of life you live.
  14. Keep yourself involved – always stay busy because an empty and unoccupied mind will wander and go on to do things which it shouldn’t.
  15. Don’t indulge in alcohol, smoking, and drugs – alcohol, cigarettes, drugs seem like a part of normal college life but indulging in them is costly and unhealthy. You don’t have to abstain yourself completely but do it very, very occasionally.
  16. Make smart decisions – don’t make hurried decisions when it comes to money. Review the situation and decide based on what the best move would be. Make decisions that are well thought and researched.
  17. Buy what you need – many a times we end up purchasing things we don’t need (even though we think we do!) Such habits can be fatal for your money especially when you are running low on it. Only invest in what you really need and you will find your life much easier.
  18. Find a part time job – a part time job can always help you finance your college life. Find a part time job which you like and save the money you earn.
  19. Earn more than you spend – make sure your part time job gives you enough money so you can spend the amount of your desire.
  20. Invest in different places – you should learn how to invest in different things such as stocks. These will give you some regular profit and help you with your bills.

The ins and outs of college life might be different than you think. You might be tempted to cash in your structured settlement to live it up. Our advice is to hang onto it. You’ll need it later in life to buy a home, or pay off your college education. And don’t forget to have fun! Your college years will not return so make sure you enjoy them and have a good time. Be smart and don’t waste money recklessly but also don’t turn into a bore who does not know how to live. Good luck!