Tips for money management in college

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Tips for money management in college

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According to the Project on Student Debt by TICAS, the average college student graduates with an estimated $29,000 in debt. Without their parents’ wallets as a steady source of income, many students find themselves owing even more. With careful planning and the following tips, you’ll find stretching your dollar further.

 

  1. Pay on time.

Do whatever it takes to remind yourself to pay all of your bills on time. Leave yourself constant

reminders to avoid wasting good money on late fees.

 

  1. Shop smart for textbooks.

Textbooks account for a significant fraction of college expenses. Brand new textbooks can reach

prices of nearly $300. Shop online for used textbooks, or consider investing in a kindle or iPad to

download ebooks for a cheaper price.

 

  1. Don’t make impulse purchases.

After a few months of tracking your expenses and some self control, distinguishing the difference

between your wants and needs will become easier. Set a weekly allowance for yourself rather

than carrying a credit or debit card around your hard needs.

 

  1. Lose the car.

With the rising cost of gas prices, the cost of fuel for your vehicle will begin to add up over time.

Most college campuses are pedestrian friendly, providing the student with restaurants and

entertainment within reasonable walking distances. Save yourself some cash (and a couple of

pounds) and walk where you need to go.

 

  1. Skip expensive trips.

While vacationing with your friends during the summertime may sound like a dream, your wallet

may beg to differ. Consider volunteering or taking up a summer job to fill your time and to save

money.