Back to school financial tips for university and college students
Whether you are entering your first year, or are finishing up your program, back to school is an exciting time. However, in addition to being exciting, being a university or college student can also be an expensive time. Here are some tips that you can easily follow as a student to help you and your financial wellbeing.
Keep track of your bills and expenses
Keeping track of any bills you need to pay while in school and what you are spending is important, as knowing what you having coming in and out helps you stay on track with your budget. Not only does this help you to not over-spend, but it helps to ensure that you stick to your budget and prioritize what needs to be paid. As a tech-savy student, you probably have your bills set to auto-pay so you don’t have to worry about them, but it is still a good idea to regularly check on them and know how much you are paying in case of any added fees or mistaken charges.
Put your smartphone to good use
As a student, chances are you are probably glued to your smartphone, so why not put that time staring at your screen to good use? Using apps like Mint or You Need a Budget can help you easily keep track of your incoming and outgoing funds, as well as set a budget that works for you.
Curb your credit card spending
You may not think twice when charging things to your credit card, however doing so will eventually catch up to you. Even if you are paying the minimum balance every month, the interest will start to add up, and you will eventually have a problem on your hands. Your credit card usage will most likely catch up to you when you are done school and trying to make it in the “real world”, making you regret charging all those late-night burritos to your card.
Re-evaluate some everyday expenses
As a student you may see your daily Starbucks as a necessity of life, and even though at the time it may not seem like a lot of money, those daily on-campus lattes, or frequent trips to food court for lunch add up. Try making your coffee at home and bringing it to class with you, or if you know you are going to be on campus for a while, pack yourself a lunch ahead of time.
Save what and when you can
The notion of saving money while in school may seem like impossible task, but having some sort of savings will help immensely when you are done school. Just by opening up a tax-free savings account, and putting away $50 a month would be enough for first and last months rent on a new apartment, or a down payment on a car when once you have graduated. It is also important to save in the event that an unexpected expense arises while you are in school.