7 Must Follow Money Saving Tips for College Students

Having a college degree is a prerequisite if you want to rule the corporate world. If you’re not the son of Bill Gates and does not inherit a six figure bank account, then you must work your way off to have an impressive degree on your resume. Before you get your hand through on that most-coveted diploma, you should hurdle the challenges college life brings. College students are not only facing the highly demand of academic excellence, social acceptance, and peer pressure but more importantly, the financial challenge plays the most important role why other people opt not to get a college degree. Don’t be disheartened, though. You can still get yourself a diploma if you follow these money-saving tips below.

7 Must Follow Money Saving Tips for College Students

1. Know your financial aid option and create a budget. Financial aid is available from a lot of sources. You can apply for scholarships and grants; you may also scout for low-interest loans and study now pay later option. You should also plan your monthly expenses and live within your budget.

2. Decrease textbook expenses. The cost of textbooks has increased rapidly in the past decades. There are a lot of alternatives though instead of spending so much on textbooks. A lot of stores are offering a textbook rental program. You can also buy second-hand books or sell your used books at the end of the semester to get at least a portion of what you have paid for. In addition, you can choose to purchase the eBook or downloadable PDF version which is way cheaper than the actual textbook.

3. Set up a checking account. Leaving home for college brings financial independence to most college freshmen. A checking account needs to be set up to manage the day to day cash flow. Look for the bank which offers no monthly maintenance fee, no minimum balance requirement, no money transfer fees, free online banking, free debit card and free check writing.

4. Keep track of college expenses. Create a journal where you can write down all of your expenses. You should be conscious of every dollar that comes out of your pocket. If you take note all of your expenditures, you would know what to cut down if your budget falls short at the end of the month.

5. Do your homework on loans and financial aids. If having a loan is inevitable, make sure that you do your research on which company offers the lowest interest and most negotiable payment plan.

6. Play up your student discounts. There is popular saying that college students are generally broke so use that student ID to your advantage. As long as there is an opportunity, flash that ID to get a student discount. Check your local areas on which restaurants, stores, shops offer student discounts so that you could save a dollar or two. Before you hand a dollar to that nice cashier lady, ask first if they offer a student discount that you can take advantage of. If you could score that cheap liability car insurance with a student discount, why not?

7. Don’t accumulate credit card debit. You can use your credit card regularly and not bury yourself with the huge bills every month. Do not use your credit card as a revolving debt instrument; instead use it as a payment tool. Charging your credit card with what you can afford to pay when the bill arrives is a smart way. Don’t be Rebecca Bloom wood of the confession of a shopaholic. If you feel that you will be tempted to buy that shiny new purse, leave your credit card behind and take only cash with you.

You do not have to live with the stigma of being a “starving student”. Being prudent by following these tips will put some money in your pocket.

Author Bio: Joel Cordle is now part of the marketing team of Auto Insurance group. Our group members are independent webmasters who are happy to share their experience and knowledge. We are not licensed to give any cheap liability car insurance and financial advice. We hardly know our visitors and their background to offer them tailored advice. That is what they are for, and sites like this can only offer you general guidance, help, and encouragement to find the best coverage. They have compiled some of the best driving apps. Most of these apps are free to download and available for both Android and Apple devices.

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