Money Management for College Students

Going off to college is typically a bitter sweet time.  As a student you get to be off on your own doing your own thing, but being out on your own does not only mean more freedom, but more financial responsibility too.  There are many college students who know how to manage their money just fine, but there are also a lot of them who need some help.  Here are some tips that can help any college student manage their money while they are away at college.

If you are not prepared to be on a budget while in college you could find yourself spending more money than you should faster than you should which could leave you in a poor financial situation.  It is a good idea to work on a budget prior to leaving for college, this way you can get help from your parents if you need it.  If you have already left for college and still have no budget, then you should start working on one right away.  Make sure it is realistic so that you are more likely to stick to it.

When you are getting your textbooks for the classes that you are going to take, you should buy used ones.  They have all the same information in them as the new textbooks, only they cost less.  If your school has a buyback program you will probably get less for them than if you had purchased a new book, but come on, you’re getting money, and it was used, what do you expect?

When you go somewhere always carry your student ID on you.  You should always inquire whether or not a place offers a student discount.  If you do not know if a certain business does or not and you do not ask how will you know?  You want to look for discounts everywhere you can, and if a business offers a student discount, take advantage of it.  They usually require that you show your student ID, which is why you should always carry it on you.

If you have the time you should try getting a part time job.  This will allow you to have some extra money to spend on whatever you need.  It will also give you some extra money so you can start saving.  It is never too early to start a retirement savings account and even if you cannot put a lot away now, you should still start right away.

When you go to college you learn more than just what is in the books assigned by the professors teaching your classes.  You learn about life as well.  Part of that is learning how to manage your money.  The sooner you master managing your money the better off you will be. Make sure that you make learning this skill a priority when you go off to college.