When we think of college, our mind always goes to fun parties, social clubs, and boring classes. The last thing we want to think of is the financial challenges that come along with all the fun, like textbooks, housing, and day to day expenses. That’s why it’s important to build your financial stability. Not only will managing your finances help for college but for your long term future as well.
Budget and track your expenses
The foundation for your financial stability is budgeting. A good way to do this is to create an organizer that works for you and your expenses. Start off by listing any sources of income you have, which could include part-time jobs, internships, scholarships, help from your parents, etc. Then determine your expenses like rent, groceries, transportation, and other expenses (limited expenses shouldn’t also limit your life experiences and fun!). And make sure your income covers all your essential expenses. Budgeting apps such as Mint, YNAB, and Goodbudget are all helpful and accessible apps that make tracking easier.
Minimize your student loan debt
If you are planning on taking student loans, explore all your options, such as grants, scholarships, and work-study programs. Student loans often require repayment after graduation, and excessive debt limits your future financial freedom. Also, be mindful of your loan terms and interest rates, and only borrow what is necessary to cover your college expenses.
Look for student discounts
Luckily for us as college students, we get the opportunity to get numerous discounts available exclusively just for us. Various chains, like retailers, restaurants, and even public transportation offer these discounts once you show a form of college ID. Check out https://www.myunidays.com/US/en-US for all the deals we qualify for!
Save money on textbooks
My best tip for when it comes to textbooks is to wait until you start class to buy them. Some teachers may include a textbook on the syllabus but not require it for class or provide sections for it. If you are required to get a textbook, explore the different money-saving alternatives, such as renting or buying used copies. Also check out online platforms, local bookstores, or even the college bookstore for more affordable options. Remember to keep your books in good conditions, so you can resell them at the end of the semester for some extra cash.
Part-time work and internships
Although it is hard to balance time between work and school, most jobs are flexible when it comes to college students’ busy schedules. Look for on-campus employment opportunities through your school website, if available. Also look for paid internships, as they’ll allow you to get some extra cash plus learn more about your major and enhance your resume. TCNJ has a whole section on their website dedicated to career and internship opportunities according to your major, some may even count as class credit!