Smart Money Tips for Kids Starting College

Smart Money Tips for Kids Starting College

If you or your child is soon to be starting college, one of your biggest concerns is likely to be the financial side of being a student.

Going to college is an expensive business with the cost of tuition, books, accommodation, and everything else that comes with leaving home for the first time to study for one’s future. 

The good news is, that there are lots of things that you can do to not only survive but thrive financially as a student, including the following:

Apply for scholarships 

If you read this guide on how to apply for scholarships, you will see that the process is one that you must plan for and take seriously, but it is not all that difficult once you get used to it. So, it is a really good idea to apply for as many scholarships as you can as soon as you can, Yes, not everyone will be accepted, but if you don’t apply you have no chance, and if you do happen to be awarded one, they could make life as a student a whole lot more comfortable, financially speaking, at least.

Draw up a budget

No matter how much or little money you have to live on while you’re in college, it is a smart idea to draw up a personal budget that takes into account all of your incomings and outgoings By doing so, you will not only get a clearer financial picture, but you will be able to eliminate any excessive expenses and ensure that any money you do spend is well spent on the essentials. Any money you have left over can then be used to create savings or have a little fun now and again. 

Avoid credit card debt

Often, credit cards are necessary for students who have too little money to stretch out throughout the month., However, if you can avoid using one, you should because after interest is added, you will only end up paying more in the long run.

If you do need to use a credit card, try to find one with good deals for students that offer cash back, or even better 0 percent interest on purchases for a set period, to minimize our debt burden.

Take advantage of student discounts

Many companies offer student discounts to anyone who can show a valid student ID. So, before you buy anything it is always worth asking if they offer student deals and discounts because every little saving adds up when you’re in college.

Take advantage of the sharing economy

These days, most college campuses operate on a sharing economy in so much as many students will join forces to pay a share of the Netflix bill to lower the cost or they will organize clothing swaps to help supplement their clothing bills. By taking part, and sharing what you can, you can all lower your overall costs significantly.

If you’re smart with your money, then you don’t necessarily need to struggle through your college years with too little money!

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