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This article is written by a student writer from the Her Campus at MNSU chapter.



Each college student, before graduating and starting to really step into life, I believe will struggle with their own financial management, how to spend money reasonably with a small budget. It’s hard, since we haven’t had a real permanent job yet, and there are so many bills as well as new trendy clothes, cosmetics, etc.

So, need to learn little by little how to improve your financial management skills to effectively live through college with no added-on loan or personal debt? Here are some tips!

1. Planning

This term seems to be complicated and headache-inducing, but it’s helpful, as long as you keep things easy and simple. You can sit down and calculate ahead – to every exact cent – how much you earn each month. Then subtract and put aside the money that will for sure be paid for rent, car payment, wi-fi and other general bills into saving account. Now, make a goal for the amount of money that you will use for groceries and food. Make a goal, don’t calculate how much you will eat, since this will help you be more conscientious each time you go to supermarket, and definitely spend less. Put that money in checking account for each month to keep track of exactly how much you will spend, and only that much.

2. Window shopping

To keep yourself out of the shopping craving, you can go to the mall or the supermarket more often. Then you will find it less interesting since you’ll know all the products in detail, and one would turn out not to be something new or attractive to you anymore.

3. Only what you need

Just buy only what you need, not what you want or think is helpful. I think this idea is quite familiar, but I want to express detailed tips to really apply it. You might pick something up at the store, and you really like it. You know you don’t need it immediately, you just really like it. Put it down, and tell yourself that you will come back here and take it later, you want to see other things first. Then after walking around, I’m pretty sure you won’t want it that much anymore. Maybe on the way home you still think about it, even when you reach home, but until tomorrow, you would have had a better control of yourself for it anyway.

4. Always think about what the future would be like with lots of debt.

It’s not fun, and you wouldn’t be able to spend the money you make on enjoying life or traveling.