Five Personal Finance Tips For Your New College Life

Going to college is going to be one of the greatest experiences of your life. However, it may also be one of the first times that you are on your own and you have to learn to manage your finances properly. If your parents aren’t helping you or if you aren’t working, it can be challenging to manage a social life while keeping out of serious debt. Albeit difficult, it doesn’t mean it’s impossible. Here are five personal finances tips for your new college life to make sure you keep enjoying your time.

1. Make A Budget
Even if your major doesn’t have anything to do with math, it doesn’t hurt to consider taking a finance class your freshman year of college. Taking a finance class will give you plenty of knowledge into personal finances and how to manage your money will in college. However, even if you don’t want to go that route, it still helps to make a personal budget. There are several websites that can aid in allocating your funds properly.  Visit Mint.com to learn more about where you’re overspending and how to keep a closer eye on your finances. Figure out how much money you have and how much money you can spend on a monthly basis. Knowing this bit of information will help you better manage your money on a monthly basis. A budget will also allow you to know that it’s okay to spend money to go out with friends, as long as it doesn’t break the bank. Before you even head off to college, be sure to make a budget. And once you’re in school, be sure to stick to the plan.

Five Personal Finance Tips For Your New College Life2. Consider Part-Time Work
Ideally, your time in college will be mostly filled with studying and doing your best academically. However, it doesn’t hurt to consider getting part-time work as well. This doesn’t have to be anything stressful, but having just a bit of income will do wonders in terms of the money that you can spend. Getting a part-time job also looks great on a resume for after you graduate, because potential employers will see that you can juggle multiple priorities.

3. Automated Bill Pay
Missing out on paying your bills can be disastrous to your personal finances. One missed payment can lead to loads of late fees and it could also affect your credit. To avoid this from happening, set up an on-time bill pay schedule for your reoccurring payments. Automated  bill pay will take a lot of stress off of you and it won’t be something you’ll have to worry about. The more that you make payments on time and develop a strong payment history, the better your credit will be. And not having to worry about late fees is always a bonus.

4. Be Mindful Of Loans
Taking out student loans may be something that you cannot avoid. But it is important that you keep track of those loans and have an understanding of how they have to be paid back. Some students see the money that comes from loans and start using them to pay for things that aren’t school related. And because they don’t have to be paid back, it can lead to habitual taking out of more loans. It is vital that you are mindful of your loans and keep in mind that you will have to pay them back once you graduate.

5. Don’t Get Suckered Into College Deals
As soon as you land on a college campus, you are going to be getting tons of offers from credit card companies and other financial institutions offering you money. However, be aware of the negative effects that come from these situations. Most of the time these college deals can come with high interest rates that make it very hard to pay back.

 

College should be a great time that you’ll always remember. But the best way to do that is to make sure it doesn’t become something that is marred with financial burdens. Follow the tips on here for better financial awareness during your time at school.

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