College is both an exciting and expensive period in one’s life. If I had the chance to go back in time, I would gladly take a College Finances 101 if there was one.
When I entered college, searching for “how to’s” online wasn’t really a thing. Today, there are gazillions of articles, podcasts and Youtube videos that tackle this topic – and yes, this blog post is one those.
Having said that, let me share with you a few tips on how you can survive college financially.
Make the most of your financial aid options.
As much as possible, try to avoid loans and borrowing huge amount of money to fund your education. Research on how you can qualify for funding using your skills, hobbies and organizations you and even your parents belong to. And of course, there is always scholarships that will save you big time.
Forget the lavish college lifestyle.
For now, set aside your dreams of living a high life and learn to embrace frugality – it’s not being cheap, it’s just being smart.
You can still have a memorable and fun college experience without being luxurious anyway. Trust me, your future self will thank you for this.
Find ways to earn extra money.
Whether it’s a part time job or a side business, an extra source of income is the ultimate key to a successful college finances.
With hard work and good time-management skills, your financial situation will surely flourish.
Budget, budget, budget!
Having a budget is the best way to control your finances and avoid running out of money before the month ends.
You have to take budgeting seriously though or you’ll end up getting off track. For some very helpful tips, check out this article.
Take advantage of your student discounts.
Yes, that college ID of yours come with a bunch of perks that will save you money – from textbooks to gadgets, restaurants to cafes, and more. Make use of this privilege to minimize your expenses.
Following these tips won’t really guarantee a perfect college financial life but at least, keeping these ideas in mind will help you manage it with ease.
Remember, it’s all about establishing good habits and keeping your eye on your goal.