How To Manage Money In College (11 Helpful Tips) | Wildchildretire

Are you excited about your new life at school but a little curious about how to manage college money?

Well, we’ll break it down easy for you. 😊

Here we’ll share with you 11 effective tips to help you manage your money so you can spend less time stressing and more time learning and making memories.

We’re talking about which free budgeting apps are best, how you can find discounted deals, and score some awesome free gift cards.

Let’s begin!

11 Awesome Money Saving Tips For College Students

1. Before You Go, Create A Realistic Budget

You’re about to embark on a new and amazing adventure. You’ll meet new people, learn new things, and go to new places. But before you leave for college, it’s a good idea to get your money squared away.

One of the best ways to do this is by creating a realistic budget. This will help you know exactly how much money you have coming in and going out each month.

To create a budget, simply list your income (from scholarships, grants, loans, part-time jobs, etc.) and then list your expected expenses (tuition, books, room, and board, etc.).

Once you have a clear picture of your finances, you can start looking for ways to save money.

Also, focus on two key things: debt and fun money.

8 in 10 Americans have some sort of debt, and you don’t want to become one of them.

Now “fun money”. This will help you stay sane and avoid debt.

Also, if you can, it’s good to reward yourself once in a while. (And that’s just one of many benefits of a budget 😊)

2. Get A Free Money Management App To Lessen The Burden

And to make budgeting a whole lot easier, you need a money management app. For example, you can use the free budget app Personal Capital.

Personal Capital is just a few clicks on your phone, and your finances are nicely organized. It takes a lot of the headache out of budgeting and saves you time. You can use that time to study or hang out with friends.

So go ahead and get the app. It will definitely help you out!

3. Set A Debt Plan (Including Student Loans)

You must follow a debt plan in college. If you don’t, you’ll likely be in a ton of consumer debt that will take years to pay off. And, let’s face it, college is expensive enough without worrying about debt.

You can do a few things to set a debt plan and stick to it:

1. You need to be realistic about your expenses.
2. Make every effort to stick to the budget you created.
3. If you run out of money for fun activities, search for things to do that don’t cost money on campus or in your towns, like concerts, festivals, or movie nights.

Second, consider saving for the future and how you’ll pay off your student loans. Begin by looking for scholarships and grants to help reduce the amount you need to borrow if you haven’t gone yet. Then, consider various repayment options to find a plan that works for you.

If you follow these tips, you’ll be able to stay out of debt and have a bright financial future.

4. Share Your Money Management Plan With Loved Ones

It’s important to share your money management plan with loved ones before and while you’re in college. This way, you can organize personal finances, stay on track financially, and avoid getting into debt.

Your loved ones can help you stay accountable for your financial goals. They can also offer support and encouragement when you’re tempted to spend money impulsively.

If you’re not sure where to start, sit down with your parents or another trusted adult and discuss your plans for managing your money in college. They can offer budgeting advice for college students, guidance based on their own experiences, and tell you how to save money every month.

Together, you can develop a plan to help you stay on track financially and avoid debt. Then, with the support of your loved ones, you can reach your financial goals and succeed in college!

5. Set Up Direct Deposit

One of the best ways to manage your money in college is to set up a direct deposit. This way, you can have your financial aid or student loan money deposited directly into your bank account.

Direct deposit can help you avoid overspending and getting into debt. It can also help you save money by making it easier to budget your expenses.

To set up a direct deposit, you’ll need to provide your bank account information to your college or university. Once your account is set up, all your financial aid or student loan money will be deposited directly.

This can help you stay on top of your finances and avoid debt. It’s also a good idea to set up a direct deposit for any other income you may have, such as a part-time job.

So be sure to set it up before you start school!

6. Minimize Credit Card Use (Or Don’t Use At All)

If you want to save money in college, using cash instead of credit cards is best. That’s because people tend to spend more using credit cards. So if you’re trying to be frugal, stick to cash.

And if you do use credit cards, make sure you pay off the balance each month. That way, you won’t have any interest charges eating into your savings.

So there you have it: two tips for saving money in college.

By using cash instead of credit cards and paying off your credit card balance each month, you’ll avoid being like the average American with over $6,000 in debt, and you’ll be a lot less stressed.

7. Sign Up For Free Meal Plans

So you’re finally in college! You’ve made it through the gauntlet of high school, and you’re ready to take on the world. But before you get too ahead of yourself, there’s one crucial thing you need to do: sign up for free meal plans.

That’s right, even though you’re a grown adult now, you still need to take advantage of the free food that your college offers. After all, college is a time when you’re supposed to be broke and eat ramen noodles every day. So why not take advantage of the free meal plan and get decent food?

So how do you sign up? Well, it’s actually pretty simple. Just head to your college’s website and look for the link to sign up for meal plans. Once you find that, just fill out the form, and you’re all set! And if you’re ever in a pinch and need some extra food, just remember that your college’s dining hall always has your back.

So what are you waiting for? Sign up for your college’s free meal plan today!

8. Share Expenses With A Roommate

If you’re in college, then you know that money can be tight. One way to save some money is to share expenses with your roommate. But how do you talk to your roommate about sharing costs?

Here are some tips:

1. Be clear about what type of expenses you want to share. Do you want to share food expenses? Rent? Utilities?
2. Talk to your roommate about why sharing expenses would benefit both of you.
3. Make a budget and stick to it. This will help you keep track of your spending and ensure that you are contributing equally.
4. Finally, be flexible. Your roommate may not be interested in sharing expenses, and that’s okay. You can still be friends!

Money saved…

9. Purchase Used Textbooks

If you’re looking to save money on your college books, purchasing them used is the way to go!

It may seem like an odd habit, but many students still buy textbooks this way, and it’s easy. Just keep an eye out on Campusbooks.com to see if there are any books that lower in your price range than those purchased! For example, there have been instances where new books valued at $200 were sold for less than ten bucks- talk about a steal!!

So if you’re looking to save some money (especially if you’re living on just $500 a month), don’t be afraid to purchase your textbooks used.

10. Look For Discounts

College can be expensive! But there are many ways to save money if you know where to look. For example, did you know you can use the Honey app to get discounts at online stores?

If you’re unfamiliar with Honey, it’s a free browser extension that automatically searches the internet for coupons and promo codes when you check out online stores. So all you have to do is install the extension and then start shopping. When you reach the checkout page, Honey will search for coupons and apply the best one to your order.

Installing the Honey app is a no-brainer if you’re a college student on a budget. It’s easy to use and can help you save money on your online purchases. So next time you’re shopping for textbooks or other college supplies, use Honey to get the best deals.

11. Utilize Free Gift Cards

Who doesn’t like free gift cards?

(Trick question, everyone loves free gift cards 😁.)

If you’re looking for ways to save money in college, consider using Swagbucks to get free gift cards. Swagbucks is a free app that pays you Swagbucks (which you can then exchange for gift cards) for completing activities like taking surveys, watching videos, and doing online shopping.

You can then redeem your rewards for gift cards from a variety of retailers, including Amazon, Starbucks, and Walmart. So if you’re looking for an easy way to save money, check out Swagbucks.

By following these tips, you can easily save money while in college. With a little effort, you can stretch your budget and make your college experience more affordable. So don’t be afraid to start saving today!

FAQ

How do students organize their money?

Students organize their money by using a budget, setting goals, and tracking spending.

How can a full-time student survive financially?

A student can survive financially by getting a part-time job, scholarships, and/or grants.

How should I budget as a college student?

College students should budget by considering their income, expenses, and goals.

What should I do with my money as a college student?

You can save it or spend it.

If you save money, you will have it when needed. For example, you can use it to pay for tuition, books, or other expenses. You can also use it to travel or buy a car.

If you spend your money, you will have to be careful. You can use it to buy food, clothes, and other necessities. You can also use it to go out with friends. Just be sure you don’t spend too much money and end up in debt.

As a college student, how much should I save?

A college student’s savings goal should be 10% of their income. So, if a student earns $10,000 per year, their goal would be to save $1,000. This may seem like a lot, but it’s essential to start saving early. The sooner a student starts saving, the more time their money has to grow.

What’s the best money advice for college students?

The best money advice for college students is to start saving early. It’s never too late to start saving, but the sooner you start, the more time your money has to grow.

Summary

College can be expensive, but with some planning and effort, you can manage your money and stay out of debt. We hope these tips have helped you get started on the right foot. Congratulations, you’re now a college money management expert! Now go do extraordinary things!

So what tip will you use to save some extra cash in college?

Will you use Personal Capital to help you get your finances squared away?

Will you try out Swagbucks to get some free gift cards to help with your coffee habit?