This post is all about money management tips for college students.
11 Money Management Tips for College Students
- Budget
- Cook your own meals
- Go to school events
- Use your student discount/coupons
- Get a part-time job
- Start a side hustle
- Buy used textbooks
- Sell stuff you don’t use anymore
- Apply for scholarships/financial aid
- Get a credit card with rewards
- Embrace the college experience
Money management can be stressful for students. I remember when I was in my first year of school there was one point when I couldn’t take money out of the ATM. I had 22$ in my account, but the minimum withdrawal was 20$ and the transaction fee was 3$. It was at that moment that I knew I needed to make some changes.
This time of life is already stressful because you’re trying to juggle school, work, and social life all at once. How are you supposed to know what is important when there are so many distractions? It took me a while to figure it out, but by the end of my 4 years in school, I definitely learned some major life lessons about personal finance.
Keep reading to learn more about money management tips for college students.
Best Money Management Tips for College Students
1) Budget
Creating a money management plan is important for students, especially new ones who are just starting their first few months in college. Setting up a budget is one of the most effective money management tips because it allows you to see all of your expenses as well as your available income during a certain time period. Once you have a plan in place, it’s much easier to manage your money because you will know exactly where your money is going and how much you have leftover at the end of every week or month.
During this phase of planning try to account for some of the experiences that you definitely want to have in college. I remember when I was in school, I wanted to travel. Insane I know! I’m already poor and I’m daydreaming about seeing the world. Fortunately, my school had some programs that were subsidized, and I was able to budget for the remainder of the fees. This allowed me to see places like Ghana, Peru and Venezuela at a fraction of the cost.
Once the budget is set, make sure you keep track of your finances to ensure that you’re staying on track. One great free app to help you manage your money is:
Mint: This app lets you like all your bank accounts, so you can see your entire financial picture quickly. It’ll also give you a free credit score!
Alternatively, another option is:
YNAB: This app costs 98.99/year. Which at first glance probably doesn’t seem student-friendly. However, on average it claims that its users save 600$ in the first 2 months and 6000$ in the first year. Since there is a free trial for a month, I would probably give this one a try, and if you’re on track to save the average amount, then the annual membership could be a good option.
RELATED POST: {How to Create a Monthly Budget for College Students}
2) Cook your Own Meals
Cooking your own meals is a great way to save money as a student. Buying food frequently (even on a meal plan) adds up quickly! In an ideal world, you’d be able to meal prep weekly, cutting down on cost and time. But you’re anything like me, then you’re short on time and like variety in your meals. Instead, consider getting a meal subscription service for a couple of weeks. Most of the big companies have student discounts, and you’ll get the recipe cards delivered with the meal kit. After a couple of weeks, you can cancel the subscription and keep re-using the recipe cards indefinitely.
Some options are:
Even nowadays when I get a coupon code I’ll go ahead and order from these meal services. They can work out to be very budget-friendly!
3) Go to school events
When you are in college, there are always school events to go to. For example- sports games on Friday nights, lectures by guest speakers on Tuesday mornings, and concerts during the weekend. It is important to take advantage of these activities because chances are: A) the experience is invaluable and B) there’s usually free or really cheap food!
Now I’m not saying that you should go to a lecture on fungi if you have zero interest in the topic, but definitely look into things that interest you!
4) Use Student Discounts and Coupons
One of the things I regret most about college is not using my student discounts more. Just as a heads up most places abroad (especially in Europe) have student pricing. The amount of money you can save on major tourist attractions is astronomical.
I would recommend double-checking every purchase to see if there is a student discount available. Common examples include public transport, movies, software etc.
On top of student discounts, you can install a plug-in to your internet browser which will scour the web for coupons before you make any purchases. Personally, I still use Honey and I am always pleasantly surprised whenever I save some money!
5) Get a Part-Time Job
This is probably the most common solution to any money trouble. Getting a part-time job is a great way for students to make money while they are in school. A lot of schools will have campus jobs available (especially if you qualify for financial aid). These are convenient (because they’re usually on campus) and usually flexible because they understand that you have a student schedule. Also, a job is great for the resume when you graduate from school
6) Start a Side Hustle
Starting a side hustle (a second job) is an excellent idea if you’re looking for a more autonomous way to make money. This is something that you can cater to your hobbies. So not only will you be making money, you’ll be investing time into something you enjoy. A couple of examples of side hustles include:
- Starting a blog: Sophia Lee started a blog in college and was making 30K a month by the time she graduated college! If you want to follow her method, you can purchase her course bundle here:
- Open an Etsy shop: you can sell anything from printables to homemade crafts!
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The options are truly limitless when starting a side hustle! Pretty much any hobby can be monetized you just need to get creative. Not only will it give you some extra money, but it’ll give you some real-world experience when you’re looking to apply for jobs right out of school.
7) Save on Textbooks
Buying used textbooks is probably the most well-known student hack. But let’s take it a step further. Have you ever taken a class and not opened the textbook once? Instead of investing in the textbook right of the bat, go to a week or two of lectures and see if you actually need it! Check the syllabus, is the textbook mandatory or recommended? The number of times that I have taken a class, and the textbook was only supplemental is insane!
Only buy the book if you absolutely have to, and even then, first make sure you check the web for old PDFs, used textbooks for sale, and options to rent. If you absolutely have to buy the most recent edition of a textbook then see if you can split the book with some friends in the class. You guys can make a schedule for when to exchange the book, and that’ll mean you’ll be more likely to do the readings because you suddenly have a time crunch!
8) Sell Stuff you don’t use anymore
Selling old stuff that you don’t need anymore is another money management tip for college students. Have you caught yourself looking around your room and wondering how you managed to accumulate so much stuff in such a small amount of time? When I was in school, I remember showing up to college with all my belonging in 2 suitcases, yet when I was going to move at the end of the year, somehow, I had a whole car worth of stuff! Did I need all of it? Absolutely not! Whether its clothes, books, electronics, furniture, or other belongings- if they haven’t been used in a while they can be sold!
Oftentimes most schools have online marketplaces. By the end of my fourth year in school, I had started selling stuff weekly!
9) Apply for Scholarships/Financial Aid
Apply to every single scholarship that you qualify for. I remember when I was leaving for school I almost didn’t apply for funding because I was told my parent’s income was too high. It didn’t matter that they weren’t paying for my cost of living. I almost didn’t apply! Fortunately, at the last minute, my school advisor told me just to give it a try. I ended up getting 3K of loans in the first year of my undergraduate degree alone, and even more in subsequent years. The big lesson here is that it never hurts to apply!
Grants and scholarships you don’t have to pay back, but you will have to pay back loans. So just keep that in mind for your budgeting big picture.
10) Get a Credit Card with Rewards
Get a credit card, but don’t use it for free money! Having a credit card is one of the best money management tips for students because it’ll let you build your credit while you are in school. This is important when it comes time to apply for jobs or rent an apartment. Also using a credit card responsibly can give students benefits like cash-back and airline miles.
However, it’s important to never carry a balance on the credit card. I know it may be tempting to only make the minimum payment, however, you’ll regret it in the long run, because often time you’ll be paying ridiculous interest fees. That’s how credit card companies stay in business!
So, get a credit card, and only use it if you have the money to cover your purchases, that way you reap the rewards with none of the drawbacks.
11) Embrace the College Experience
The very last tip is to embrace the college experience! This is literally one of the only times in life when no one expects you to have money! There is absolutely no need to feel like you have to keep up with anyone. I know you’ll occasionally come across a student that seems to have an unlimited bank account to draw from, but trust me when I say there are a lot more people just like you and me struggling to be financially responsible.
So never feel guilty about eating ramen or cereal for days because I guarantee that one of these days those are going to be the experiences that you look back on, and remember fondly.
Do what you can with what you’ve got, and accept the rest.
Hopefully, some of these tips helped!
This post was all about money management tips for college students.
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