Money Management Tips for Students

studentloansYou’ve got school to pay for, your books are over-priced, the apartment you stay in is definitely not worth the money you pay and your food bill is outrageous. Sound like you? You’re not alone. Young adults have an immense amount of financial pressure on themselves. You’re likely in debt.

The good news is that’s normal and there are easy ways you can watch your budget to make sure you’re not putting yourself in a worse place than you need to be.

  1. Set Up a ‘Just In Case’ Account
    Life is especially unpredictable during the university years and that’s why setting up a fund of ‘oh no I can’t believe this happened’ money is the perfect way to make sure nothing ever surprises you. Whether its your car breaking down, you misplace that text book you need or you want to pay off your student loan quicker, you’ve got money set aside and options in front of you.
  2. Avoid Credit Card Debt and Use Debit
    Credit card debt is the easiest thing in the world to get into and one of the toughest to get out of. Using your credit card to pay for things is only good for building credit when you pay it back right away, always.
    Don’t use your credit card unless you switch over money to your debit card right away. Otherwise, don’t let yourself get into the bad habit.
  3. Keep Track of Your Alcohol Spending
    University life naturally comes with a LOT of alcohol. Spending and total monthly budget for alcohol can great ridiculous really fast, you must be careful. Buy in bulk, drink before you go to the bar, get the cheap stuff, whatever you need to do to get that alcohol budget down… do it!
  4. Buy a Coffeemaker
    I bet you’re buying at least one cup of coffee everyday. That equates to about $60/month. Seems like nothing right? When you add in that donut or muffin you decided to get with it or splurge and get a latte, maybe a second or third cup for those extra tiring days… you’re adding on the dollars fast! If you spend $30 on a coffee maker and buy coffee grounds, you’re now saving money and avoiding the other desires ☺

These tips are relatively simple but do require a change in lifestyle and a new way of thinking about money.  If you can master the art of saving money- you will have a better chance of financial security down the road.

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