Achieving Financial Success in School

How to save money in college is a popular topic because most of us at this point just want to pass our classes. Not stress about money.

The following tips are crucial for students who care about their finances and want to budget themselves properly while getting the most out of their school experience.

1. Choose the right school.

Going to a school in a different city or area can be fun but is it really necessary? I know that some schools offer exclusive programs, but many young people just look for an excuse to leave their parents home. My advice is to exploit living at home as long as you possibly can. Living on your own may be fun but it is definitely expensive. Also I know that most people will want to go to the most prestigious school possible but this is not always the right decision. Go to the school that offers the program that you are most interested in, whether it be a University, Community College, or Private College.

2. Enjoy cheap entertainment.

Let’s be honest no one is going to stay in on the weekends while in school. It’s not realistic. So when you do go out just be smart about it, do not go to the fanciest clubs because chances are the people in them buying expensive drinks already have careers while you are still in school. Try to take advantage of all of the free concerts and lounges at school because you will not only save money but you will get to meet more people with similar interests. Bulletin boards around the student union office are usually the best places to find out about all of the cheap entertainment on campus. If you plan on getting completely wasted then maybe you should look into the bars and frat houses around campus, as they tend to have cheaper prices.

3. Beware of the evil credit card.

For most young people when they begin their post secondary education, it’ll be their first exposure to credit card companies literally throwing credit cards at you around campus. Even though most companies will only offer a $500 credit, there are many companies that are willing to give you more than that.

While I promote student credit cards on here, I do understand that they can harm you. Please don’t allow yourself to become another statistic here. Use your credit cards. Don’t let them use you.

4. Apply for free money.

Yes, believe it or not there are ways to get free money while in school. There are generally 3 options; scholarships, bursaries, and grants. Personally, I have met many more people that have received bursaries because they usually do not depend on your grades and they are available for everyone. All of these 3 methods only require a few minutes of your time and a simple application to fill out. You have nothing to lose, as long as you provide valid information and do not lie.

5. Start a Savings Account.

Everyone will argue saying it is difficult to start saving with very little money, but a little money is better than no money. I urge everyone to open up a savings account at the financial institution they already belong to. Even if you add as little as $5-20 a week it is still something and over time it will add up. The key here is that it is beneficial to get into the habit of saving as early as possible so that when you have graduated you have some strong personal finance traits to build on.

I hope that by now you’re not confused on how to save money in college.

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