It’s time to learn how to live independently for the first time and manage your own finances as you make your move to college. Sadly, it’s no longer acceptable to rely on daddy’s wallet to fund your new experiences. Going to college is expensive, but managing your money means you’ll leave college in less debt which will help to avoid financial difficulty when starting your career so it’s important to budget your spending! Here are my top 9 must-follow money tips for college students:
Image c/o Katie Price
1. Create A Budget
Outline a budget and stick to it. You’re going to need a lot of willpower and self control but your bank balance will thank you! It doesn’t mean you can’t have fun, just budget it in. I suggest withdrawing the amount of cash you're budgeting yourself each week to prevent overspending. It’s so easy to take your card out and not realize how much you’ve spent until you next check your statement, and before you know it you’ve spent your week's budget before you’ve even started.2. Check Your Bank Balance Frequently
Don’t have your head up in the clouds and ignore your spending habits. Checking your bank balance frequently helps you to know how much you’ve got left for the week which minimizes erratic spending. I aim to check mine once a day and I recommend getting an app on your phone to make it super easy!3. Shop Smart
When you’re buying groceries, look out for cheaper alternatives. You’ll often find that the cheaper products taste just as good as the big branded items. Keep an eye out for food that is on sale and buy it to freeze! You’ll find this really helps cut the cost of your food bill each week. You can also shop smart when you’re buying books for class. Buy them at a discounted price or ask around for used ones. 4. Get A Part-Time Job
Managing your money independently is a lot easier if you’ve got that extra bit of income to help you by. Getting a part-time job is a great way of saving a few dollars each week and meeting new people to enjoy your college experience with.5. Buy A Piggy Bank
Buy yourself a piggy bank that you can’t get in to. Once you put your money in it, forget about it! Don’t be getting those tweezers and picking our your bills every time cash gets short, we know the deal! Be strict on yourself and it’ll be a nice surprise at the end of the semester. 6. Transfer To Savings
As well as budgeting each week, make a plan that allows you to transfer some money to your savings each month. Banks usually cater to college students and offer free savings accounts so speak to your bank to sort this out. Whatever the amount, it’ll all add up and help to better your financial position when you graduate. It might seem more fun to spend it down the mall but you’ll thank yourself later I promise!7. Have More Nights In
Nights in can be a lot of fun as well as saving yourself a lot of money. Try organizing a girly spa night in your dorm or a movie night to drool over the latest Ryan Gosling movie! It’s the perfect opportunity to catch up with friends while watching how much you’re spending.8. Pre Drink
If you’re going on nights out several times a week and living student life to the full, save money on your night out by pre drinking before you get to the club. It’s a fun start to the night and reduces the amount you spend on drinks out, but do remember to drink responsibly!
9. Eat In
Homemade meals are often tastier (if you know how to cook!) and much cheaper than going out for meals. If going out for food is part of your social calendar try and restrict it to one night a week and suggest to friends to cook instead. Get your recipe inspo from the UNiDAYS® Pinterest pages and get practicing! Practice makes perfect.Even more from UNiDAYS
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