Going to college is usually a very exciting time for any student. It comes with more independence, allowing you to explore more of what the school and the world has to offer. According to John Wasik, students and professionals should learn and bear the responsibility of managing their finances. There are some major decisions that determine how smooth your financial life will be. Some financial tips are listed below to help with some of the decisions.
Tips to use
Evaluate and review financial aid packages
Be very careful when accepting any financial aid, and always take only what you need. The cost of attendance is usually just a projection and not the actual cost that you will incur, so factor in your exact needs. Be sure you are aware of the different types of aids presented, and how they work. Scholarships and grants are the most preferred when compared to loans. If you have to take a loan, go for the ones that are subsidized if possible, as they will not accrue any interest during the time you are still in school.
Make a budget and stick to it
Burning through your money unaware is very easy, especially when using a credit or debit card. You may not realize just how much money you are wasting without having a proper budget. Ensure that you develop a spending and saving plan in your budget and allocate the available funds appropriately. You can even use some financial management tools to help you with this.
Set up a checking account
Most banks offer students with free saving and checking accounts, which enables the student to make withdrawals or transfers without any charges. Ensure that you sign with a bank that is the most convenient to you with regards to ATM locations. Always keep an eye on your account balance before and after every expenditure just to ensure everything is as per your budget.
Maximize on student discounts
Just being a student entitles you to so many kinds of discounts. Using your campus identity card, you can get great deals at your local restaurants, when buying a laptop, or any other purchase you make. All you need to do is ask the retailer if they offer any student discount and maximize on it if it is available. Even where the discounts are small, if you account for all the discounts you will enjoy during all your years in college, you will realize a significant saving.