10 Money Management Tips for Students
- Budget for everything
The first step to getting your finances in order is to have a clear picture of where your money is spent.
- Don’t overlook student discounts
Being enrolled in college, or even high school, can sometimes lead to discounted prices or deals. Movie theaters, streaming services, insurance providers, major retailers and more are known to offer these benefits. It won’t hurt to look into options.
- Automate your savings
It might feel fruitless to put away a bit of your paycheck into savings each month, but that kind of perseverance pays off in the long run. If you struggle to save a portion of your earnings on payday, make the decision once and for all and automate your savings.
- Get creative & find fun for free
It’s tempting to go out to eat and plan social activities that revolve around spending money. But instead, host a game night or rent a movie and enjoy a little entertainment for minimal expense. There’s a good chance you can find a few friends who are on board with saving some cash as well.
- Get automated payments in check
This is different from automating your savings. Automated payments for subscription services can add up quickly. Beware of media, fashion and other shopping subscriptions that require a monthly fee.
- Cook at home
Cooking at home can be fun, and even a great social activity. While it may require some planning ahead, a lot of money can be saved by purchasing ingredients from your local supermarket and making the most of leftovers. Look up some easy low-budget recipes and master them—remember, inexpensive doesn’t mean bland if you know what you’re doing.
- Earn some extra cash
Even a part-time job is great to give you some spending money or tap into a hobby and pocket some extra cash.
- Try to stick to cash for your non-essential budget
Swiping your credit card at the register is simple—sometimes a little too simple! Once you get your paycheck and allocate what needs to go to tuition, bills and other monthly payments, use cash for other areas of your budget.
Handing a crisp $20 bill to the store clerk might feel different to you than paying with plastic, but it will help you avoid overspending. Seeing the cash physically leave your hand can have a subtle psychological effect that may make it easier to say no to an impulse purchase.
- Use online coupons
- Beware the “It’s only five bucks!” mentality
It is easy to 5-buck your way to debt more quickly than you think.
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