Financial Advice for College Students
Financial tips and tricks for college students to avoid debt and save money.
Financial Advice for College Students
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College can be an exciting time, but financially it can also be a very tough and expensive time.
Most will have to turn to Part time jobs, loans and credit to get through college.
Here are some top tips to help save money and make the experience as pain free as possible.
(1) Personal goal assessment (PGA)
This is the most important step for all college students and it is a step that should be considered before applying for a place at college.
Match your passion and ambition to the reality of the cost of education.
Acquiring an expensive education for a profession that pays an average salary could leave in debt for a long time after graduation, so it is important to be realistic from the beginning.
(2) Get a job
It is important to get a job, while at college as this helps to buffer the financial responsibility and burden; the money you make can go towards offsetting some debts.
If you qualify for federal work sturdy, you don’t pay any tax on your earnings.
My top tip here is to try as much as possible to get an on-campus job, this has some advantages such as the close proximity to classes and lectures, this also means less commuting and more time to do your college work.
The added advantage of been among other students is also great for networking.
Working also helps to build character and discipline, and will not hurt your cv when you graduate.
(3) Be book smart
Books can be very expensive, been book smart can save a lot of money.
Buy used books, from other students who will be looking to sell of their previous semester books as they will be no good to them.
Look into electronic versions of books you require to compare cost and if you’re really savvy use the library to read and borrow some books instead of buying.
(4) Be Study savvy
Remember why you are at college, study hard and do all your assignments, Passing all your classes and not having to repeat them or drop out will save you time and money.
(5) Eating
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It is better to eat in the college cafeteria or make simple meals for yourself such as frozen pizza as much as you can as this will make a noticeable difference to your pocket. Takeaway meals and sit down meals can be a very expensive habit; it is wise to balance out your eating choices as it might even be a healthier option to make your own.
(6) Accommodation
It is always better to live on-campus in the dorm, this is because they are usually cheaper than living of-campus, dorms come at an all inclusive cost and it cuts out the need for commuting as the cost of transport is just another added on expense.
(7) Transport
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Transport cost can be prohibitive; there are some simple ways to cut on cost.
Buy second hand, if you need a car, they are cheaper to run and are cheaper on insurance, and no monthly repayment
(8) Credit cards
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Avoid credit cards as much as possible; this is because they tempt you to just keep spending.
Credit card spending and debt can quickly spiral out of control, this can harm your credit rating before you know and make life really hard when you graduate.
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