Effective Money Management Tips for College Students
Discover essential money management tips for college students, including budgeting, using cash wisely, handling credit cards cautiously, working opportunities, saving money on various expenses, and smart banking practices to secure your financial future while in college.
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Presentation Transcript
Money Management Tips from College Students
Tips about Budgeting Set and stick to a budget Set a daily, weekly, or monthly limit for each type of expense Pay attention to your spending so you don t exceed your limit
Tips about Cash Only carry a small amount of cash A little is better than none (just in case) If you don t have it, you can t spend it Use cash for non-essential purchases May help curb your spending It s easier to tell when you ve reached your spending limit because your wallet is empty
Tips about Credit Cards Consider whether you really need a credit card, and don t get one if you don t need it Use your credit card cautiously Only for emergencies Only for pre-determined expenses Leave it locked up at home during non-essential shopping trips
Tips about Working Work during the summer and winter breaks to save money for the school year Get a part-time job during the school year, especially an on-campus job
Tips about Saving Money Take advantage of opportunities to save money Find out if there s a discount for college students and carry your college ID with you Look for coupons, freebies, promotions, and other bargains online, in your college newspaper, etc. Buy things when they re on sale Buy school supplies somewhere besides the campus bookstore It s easy to overspend on non-essentials at the bookstore You don t need all your supplies to have the university logo, and supplies without it may be less expensive
Tips about Saving Money Save on transportation costs by using the campus transit system Use your meal plan wisely Save money on food by eating on campus using your meal plan Only eat out (off campus) as an occasional treat Buy snacks in larger quantities instead of one at a time on campus
Tips about Banking Keep a reserve of savings that you don t touch and add to it whenever possible Check your bank balance regularly Be cautious about banking amongst friends
Tips about Financial Aid Apply for financial aid even if you re not sure whether you will take it Stay well-informed about your financial aid package. You should always know: How much you re receiving/borrowing Where the money is coming from The terms and conditions of the contract (e.g., minimum GPA, use of funds, interest rate, etc.)
Tips about Making Financial Choices Practice delayed gratification Avoid temptation Discern between your wants and your needs and choose your expenditures wisely
Final Thoughts: Money Management Advice from College Students It s very easy to waste money, and you ll go through it faster than you expect.
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