Financial Resources and Savings Tips for College Student  

Financial Resources and Savings Tips for College Student  

Financial Advice For College Students  

Graduating high school and going away for college is a big life experience! Preparing to move out of your parents house and starting a new chapter in your life can feel exciting, but going to college also requires you to show a certain level of maturity. Other than having to study, pass your exams and regularly keep an eye on your grades, you will also have to pay close attention to your finances and your spending habits.

Setting a clear budget is crucial for having a peaceful and well-balanced college experience. You don’t want to spend your rent or school supplies money on something you don’t need, and then have to stress both over your finances and passing your exams. Creating a budget and sticking to it is a sure way to eliminate unnecessary stress from your student life.

How to start your college budget  

There are a few things to keep in mind when forming your college budget. The most important things on your expense list are your tuition costs and student fees, which will take out the most of your budget. This is why you should make sure you have the right information about student fees before you start the semester.

Second important thing to consider is where you plan to live while attending college. Will you live on campus or off-campus? What is the rent you’re comfortable with paying each month? One way to cut costs and save money on rent is getting a roommate. This way, you’ll have someone to split your household costs with such as Central Hudson electricity costs, internet, renters insurance, food.

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You should also consider how much you’re willing to spend on food, gas and transportation (in case you live off-campus and have to drive to your lectures or have an off-campus job). College is supposed to be fun, so make sure to also set aside some money you’ll use just for things you like, things that are fun and bring you joy. Having fun is important, not only because it is healthy and helps you form stronger connections with others, but it can also increase your willpower and productivity levels. You can also use this money to reward yourself after you hit a valuable goal or pass an exam.

College saving tips   

Even though you may feel overwhelmed by looking at all the expenses you’ll have to keep in mind once college starts, there are definitely many ways to save money as a college student. The easiest and most obvious way is to track your expenses and not overspend. This will give you a clear idea on where your money is going, and how you can distribute it better.

One of the ways you can save some money is by using old textbooks. Even though some students like having brand new books, studying from the old ones can be just as effective and productive. Older textbooks are cheaper than those that are brand new, and they can save you money you can use for other things, such as rent or student fees. You can even find some of them in the campus library, and use them for free. Just like you can use old textbooks, you can also sell your old ones, and make extra money that way as well.

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Make sure to have your student ID close to you and use it as much as you can. There are many stores, events or means of transportation that offer student discounts. You should use those benefits. Ask other students about places where you can use student discounts, and plan to shop there in advance.

Takeaway

Many students don’t want to think about finances and financial responsibility when preparing for college. College is often seen as a new and exciting adventure, and a beginning of a new chapter in life. Even though this can be true, colleges can also be quite expensive, and you’ll have to think about your tuition costs, student fees and the cost of living before your year starts. If you create a budget, carefully analyze your expenses, and stick to your expense goals, money won’t have to be a burden or a cause of stress. This will allow you to enjoy your college experience more, and you’ll have more energy to focus on other things, such as studying, engaging in various student activities, and having fun.

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