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Top 5 Money Management Tips for College Students

Top 5 Money Management Tips for College Students
College students usually have difficulties in managing finances during the academic careers. Since full-time student is similar to a full-time job that you have to attend classes and work on homework and tests all day long, most college students can’t afford to engage in a job while attending school. Even though some students work during college, the money they earned may not be enough to cover tuition and fees, not to mention the living expenses. To help college students manage money and reduce the money-related stress during college life, we provide the following tips.

1. Create a strict budget and stick with it.

Sometimes you may be tempted to spend money on something unnecessary, such as fast foods, new outfits or hanging out with your friends. Before spending, you should firstly plan your budget for vital expenses like tuition, textbooks, foods and other living expenses. Then you will have an idea about how much you have left for extra things that you may want to do with your friends.

2. Make priorities.

You should make priorities when managing your college finances by identifying the areas where you need to spend money. For example, if you have to but textbook and you decide to buy new ones, then mark it as one of your priorities. However, if you can live with used textbooks, then you might want to shift your priorities to other things that are more important than brand new textbooks.

3. Get creative when planning activities with friends.

When you and your friends are discussing about activities, you may go to movies or bars. However, you can think more creatively. A lot of colleges provide free activities that are meant to entertain students. You can join an organization or a club to spend your spare time in participating in activities with other group members, you can go for a run around campus instead of attending a fitness center, or you can invite friends to play board games you own or watch movies at home instead of going out.

4. Sign up for credit cards with low credit limit.

You can consider to sign up for some credit cards that come with low credit limits such as $500 to $1,000. The credit limit is enough for your everyday expenses in food and other small purchases, while it can help you build your credit score without getting you too much interests to pay. Don’t forget to pay the balance in full, which is helpful for the credit history and makes it easier for you to find employment after college.

5. Look for financial aid.

Look at your eligibility for different financial aids. You can use the Free Application for Student Aid, aka. FAFSA, to see if you are eligible for financial assistance or not. Then apply for grants and scholarships that you might be eligible for to make your financial life easier.

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