Many students find it stressful to think about finances while they are in college. With things like tuition, textbooks, dining, and other unexpected expenses quickly piling up, it can be challenging for students to manage their finances.
While it can be difficult to manage your money while you’re balancing your school work and social life, having a healthy bank account is possible while you’re obtaining your degree. By taking smart financial precautions, you can go through school without worrying about debt or emptying your accounts.
Here are five ways you can manage your money in college.
1. Limit your spending.
It can be easy to find money management strategies like budgeting restrictive rather than helpful. However, having a budget during your college years will make your financial decisions easier and give you a greater sense of freedom.
Part of enjoying your college experience is finding community and spending time with the friends you make. However, it is crucial to your college success that you limit your spending. Make sure to set aside funds to pay your tithe and bills first before you spend money on outings, eating out or shopping with your friends. Consider more affordable places to shop and eat out on the weekends, and utilize your university’s resources like campus dining, food court discounts and other on-campus amenities.
2. Use budgeting apps.
You don’t have to create a budget on your own. There are many budgeting apps to choose from that make budgeting easier than ever.
EveryDollar and Goodbudget are just two examples of free apps that make customizing your budget and tracking your everyday spending easy. They can also help remind you when your bills and credit card payments are due. These are great resources that can help ease your financial stress and even help you pay off your debt. If you create a budget and manage your money while you’re still in college, you can create healthy habits for the future, build a solid financial base that can be modified as your income changes and set yourself up for success down the road.
3. Get a part-time job.
Your college years are a busy time of life as you try to balance your academics, friendships and extracurricular activities. Adding a job to your schedule may sound overwhelming, but by working just a few hours a week, you can significantly ease your financial burdens.
A part-time job can be just as rewarding as a full-time one, while providing you with extra cash to cover your expenses and enjoy time with your friends in school. Many retail and food service chains hire students seasonally during the summer and over breaks. Or, consider applying for a job on campus. You can also consider doing something you’re passionate about to make extra money, like turning your hobby into a business, or helping those you know by cleaning their house or babysitting for them.
4. Apply for scholarships and grants.
Tuition is a large, overwhelming number to many college students. Thankfully, scholarships and grants are great options to help you afford to earn your degree and lower your tuition costs.
Every university offers different financial aid options that can fit your needs. Some may offer scholarships for joining an honors program or a sports team. Others may have application-based scholarships awarded after the student writes a short essay. No matter where you go, remember that you can reapply for financial aid annually using the federal FAFSA form. Consider calling, emailing or scheduling an appointment with your school’s financial aid office to ask for help applying for scholarships and new grants, and to see what other financial aid offers are available to you.
5. Utilize student discounts.
College student discounts and offers aren’t always clearly advertised, but by asking local businesses about them and doing your research, you can find some great deals to help you manage your money in college.
Many gyms, streaming services, restaurants, and online retailers offer students exclusive discounts. For example, Amazon has a Prime Student membership that offers college students six months of Amazon Prime benefits for free. This includes free two-day shipping — perfect for ordering school supplies and textbooks. Deals like these may seem small, but they add up over time and can save you money for your bills and bigger expenses.
Finances are a common stressor for college students, but they don’t have to be. Be sure to enjoy your time in college and make the most of it. Look for affordable ways to enjoy time with friends like visiting a local park or playing sports on campus. By taking advantage of things like financial aid, local discounts and budgeting apps, you can begin to manage your money in college without the added stress.