Managing money is one of the most useful skills you could pick up in college. However, it may or may not be taught in textbooks, and your "exams" on this subject will be real-life scenarios. The cost of failing in financial literacy could mean you have a lot less fun because you cannot afford it.
That's why committing to smarter financial decisions and making better monetary goals (i.e.: save, not spend!) will have a great payoff in the long run. And college is a great time to start forming solid habits that will set you on the right path financially.
Here are some cool budget hacks you can use to make sure you're on the right track when it comes to money matters--no matter your age!
1. Take Advantage of Seasonal Sales
Seasonal sales can save you a lot of money. If you know about them ahead of time, then you can plan your budget and shopping schedule around these sales. Take some time to plan properly before you even pack your bags for college. You should also check out available thrift stores or second-hand purchases in the area.
Don't fall prey to random online shopping or splurging on drinks at the bar just because all your friends are. Dedicate certain nights of the week to spend on food out. Take advantage of sales. Wait for the right moment to spend your valuable money. Your wallet will thank you in the end.
2. Buy in Bulk
Think about the bigger picture. Be smart with that credit card you have, and instead of buying lots of little things a thousand times, think of what you could buy in bulk.
If you plan to cook a lot at home, you could stock up on dry goods for cheaper, such as pasta. Create a system with your roommates, if you are sharing living space, where you each pitch in for bills and groceries. Stick to the arrangements you have agreed upon.
3. Utilize Your Student Discounts
Don't know if a shop or restaurant offers student discounts? Just ask! If you are truly budget conscious, you will look for ways to save. One easy hack is carrying around your student ID everywhere you go and then asking if some stores give student discounts.
Some students have found this works at places they didn't even realize offer it. You may be surprised at what you find, and how you end up benefitting from your student status!
4. Use Apps for Budgeting and Notifications
Use free financial apps like Mint to keep track of spending, accounting, and budgeting with a flick of your wrist. If your mind is preoccupied with studying, the notifications may be helpful.
5. Be part of the sharing economy
Zagster is a bike sharing company with partners in over 15 colleges. Ridesharing is also popular and a great way to save. Want to spruce up your apartment or dorm? Campus Furniture Exchanges are the way to go. Furniture exchanges help students focus more on academic goals without worrying about going broke.
College is about more than just the degrees you will hopefully hold in your hand at the end. It is about forging lasting friendships, creating memories, and learning from this youthful experience.
If you are in need of a personal loan, visit our website. We can help you pay for personal and college-related expenses, giving you peace of mind and better financial stability.
