It can be difficult to manage student finances. As a full-time student, finding a job to help balance tuition and living expenses may put undue demands on a student’s time better spent on studies.
Here are three unique ideas to help make managing your student finances much easier:
- Use Credit Sparingly: Students should avoid using their credit cards unless absolutely necessary to avoid heavy debt and building a bad credit rating early on in their lives. Credit cards are good to help create a good credit rating for future needs; however as a student credit cards should only be used when the balance can be paid off monthly.
Credit is not just restricted to credit cards. Borrowing money in general should be avoided. Students should make sure they have checked out all of their options from grants to scholarships before deciding to turn to loans and credit of any kind.
- Budget Well: Students who learn to budget will find it a useful tool not only for student finances but throughout their entire lives. Creating a budget means looking at all of the costs one has each month and allotting incoming money to cover the cost as required. Budgets should consist of weekly costs such as food, entertainment and laundry money, as well as monthly costs such as rent, transportation fees and utilities.
Funds should also be allotted for additional costs such as text books, school supplies and unexpected items such as prescription medications should they become ill. Clipping coupons should also become part of a student’s budget and sites such as Groupon, Valpak and Dealstreet are excellent resources.
Students are often offered student discounts at stores and local restaurants and students should take advantage of discounts wherever they can. Luxuries are only allowed when they won’t eat into money already allotted to students’ needs.
- Put Aside Savings: This may seem an impossible task to most students, especially those who aren’t able to find part-time work. However for those who are looking at paying back student loans as well as those who are dependent on their own money to pay the bills, any savings that can be put aside will be a welcome asset should emergencies arise.
Putting a way a little each month will help pay back student loans once students graduate.
These are just a few ideas to help students manage their finances and find the balance they require to succeed in their studies.