9 tips to help students budget their money

College is a time to prove your parents or even to yourself if you can handle financial responsibilities alone. A lot of students move out from their parents’ home after college, which is actually a huge step towards independence. As tempting as freedom may seem, there is no denying the fact that it can be quite difficult to manage money especially if you have no one to support you or if your parents are away. Here are money managing tips to help college students budget their money.

1. Check out your calendar of events - This will give you an idea of the things that you’re going to spend whether it is for entertainment or for academic purposes. List down these things and figure out which ones you plan to join or go to and set aside the money that you’ll need for it early.

2. Create a budget - Once you have an idea on what you’re going to spend on for the term or even for the month, you can now create a rough budget to make sure everything is covered. Set your priorities such as rent, utilities, student loan bills etc and pay for these first.

3. Second hand- Instead of buying a new book, you can look for second hand textbooks or you can ask some of your friends if you can borrow theirs. This will help you save a lot of money and you won’t go through the trouble of looking for a new one anymore. You can also go online and look for used books of what you’re looking for.

4. Invest in an identity theft protection program- This is very useful for students with credits. In case something goes wrong with your finances or if someone else starts using it without your knowledge, you won’t be held responsible for anything.

Another way to avoid this is to monitor your credit report and to order your credit score regularly so that you can keep track of everything on your credit history.

5. Calculate how much money you have- In order to keep track of where your money is going, you have to calculate and list down all of your spending, even the smallest of things.

6. Refrain spending on unnecessary things- If for example you are having trouble paying off your bills, you have to avoid spending on unnecessary things so that you’ll be able to save more money. If possible, avoid eating on fancy restaurants and just cook gourmet meals in your home.

7. Do not ignore your bills- If you ignore your bills, the bigger they’ll get and the more problems you’ll have to deal with in the future. The earlier you know about your bills, the easier it will be for you to plan on how to pay it off.

8. Get a part time job- Getting a part time job will help you earn some extra money on side that you can use to pay off your bills.

9. Ask for help- If you are really having trouble with your finances, don’t be afraid to ask for help because there is nothing wrong with it. Asking for help will prevent situations from getting worse. If you feel shy about asking for help, you can simply ask for their advice to help you out.

These tips will help you in saving money as well managing it while in college. Not only will this help you in the future, but this will also keep financial troubles at pay. Consider these tips, enjoy and the make the most of your college life from now on.

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