Practical Personal Finance and Money Management Tips for Students

For many people, college life usually presents the first taste of real independence. However, it also means they have to deal with new responsibilitie

For many people, college life usually presents the first taste of real independence. However, it also means they have to deal with new responsibilities. Managing your finances while in college can be a daunting task. In college, you have to balance your classes, a part-time job if you have one and be fully accountable to yourself. One of the most challenging responsibilities for college students is managing finances

If this is your biggest concern, you are in the right place. Here, you will discover some critical tips that can help you manage your finances better. After reading these tips, you will discover how it pays to be a student and how you can take advantage of that. 

Tip # 1: Get a Job

Many students take their college time as a time to party and have a good time. Well, it is not bad to party and have a good time. However, it is even better to find something meaningful to do during your extra time to earn some extra cash. This will help you take care of your needs better without having to ask for financial help. 

According to studies, around 40% of students in the US have jobs, so it is achievable. Look for a flexible job that will allow you to concentrate on your studies. 

Tip # 2: Shop Deals and Use Coupons

You are probably the kind that thinks using coupons is not cool. Well, what isn’t cool is paying more for something you could have gotten on the cheap. When making everyday purchases, it is advisable to look out for deals at retailers. You can also spare a few more minutes to shop around for better prices on items. If you do this, you will be surprised at how much you will be able to save. 

Tip # 3: Watch Out For Student Discounts

There are many deals, special prices and offers granted to students. Please take advantage of these deals. Before using a service, you can find out whether they have any discounts available for students having a student ID or email. For instance, if you want to discover yourself in a new language, you can look for learning platforms that offer students with college email discounts like this one at Preply. Do you see? It can actually pay to be a student! 

Tip #4: Utilize Financial Apps

Technological advancements have made it easy for humans to do almost everything, including financial management. Nowadays, you can find multiple personal finance management applications that can help you keep track of your spending. 

Regardless of your mobile phone system, you can get an app with great features that suit your budgeting needs. 

These apps will help you identify the areas in which you are spending too much money. They will also help you determine what you can do to save more money. 

Tip #5: Learn To Take Advantage of Free Events

College campuses have multiple free activities specially designed for budget-conscious students. Watch out for activities happening around campus and in institutions near yours. This offers a great way for you to remain socially active and build your network of friends. 

Avoid going to expensive restaurants, bars and expensive ticket shows. While all these are good, avoid them if they are beyond your budget. This will train you to live within your means even after you graduate. 

Tip #6: Avoid Wasting Food

Reports from Canada suggest that 31 billion USD worth of food is wasted each year. This is a problem throughout the world, including in third world countries. You should avoid being part of the problem from an early age so that you can help to break the bad tradition. 

For example, when you go to buy groceries, don’t overbuy especially perishable foods. Learn how to balance between long shelf lives and perishables. This will help you save lots of money and also help reduce food wastage globally.