Managing Student Finances
The best way to manage your student finances is to get a grip on them straight out of the chute, as a college freshman. If you wait until your senior year, odds are, you’ll be so deep in student credit card debt and college education repayments, you will never see the light of day in the world of financial freedom. Set goals for your personal finances and develop a workable student budget immediately. In doing so, you’ll learn to curb your college spending habits and maybe even save a little money. As the saying goes, “If you don’t control your finances, your finances will control you.”
The following information is vital to your student financial health:
A Student Bank Account
If you don’t already have one, make it a point to open a student bank account in your college home town. It’s important to develop a personal relationship with a neighborhood bank in case you should ever run into a financial glitch, identity theft, etc. When opening your bank account, look for a national bank that caters to students with high convenience ratings and low fees. A checking account is imperative for payment and tracking of your monthly college bills. At the same time, also consider opening a savings account. Even if you put a minimum of $25 a month in savings, that’s $300 you wouldn’t have had at the end of the year. Every bit of savings helps.
Pesky Debit Cards
Debit cards are a convenience. However if you use your debit card like a credit card-whipping it out at the gas station, movie theater, dining hall and grocery store-be certain to keep a spending record. For that matter, debit cards shouldn’t even be used on a tight college budget.
Case in point: Two checks go through your account on Saturday, unbeknownst to you. On top of that, you make eight debit transactions (even tiny ones) the same weekend. When an overdraft situation of this caliber hits your account, it can spiral into a horrific situation instantaneously (consider $30 overdraft fees for those 8 transactions)…Negative $240, on a student budget, will put a crimp in your finances for a long time coming.
Economical Eating Plans
If you happen to live in a college dormitory, you can eat decently for a modest amount. Even if you live off-campus or near campus, consider looking into a campus meal plan. Fast food and dining out isn’t only unhealthy, but the cost will quickly put a hefty dent in your pocketbook. To make cooking for yourself more fun, invite a group of friends together for dinner or host a “watch party” prior to your college’s home-game or televised sports event. Everyone invited can bring an item, or an ingredient, to help in preparation of a meal or appetizers for the group. For practical purposes, consider shopping at one of those large membership-based grocery stores. These stores have great bulk prices and all sorts of name-brand products. You can get everything you may need from detergent, paper towels and wash rags, to cheese, beer and pizza. It’s a college student’s dream.
A Good College Job
If you’re a college freshman or a senior, it doesn’t matter; companies and families are always looking for good help. In addition to the regular student jobs of bartending, waiting tables and working retail, keep in mind work that follows your career path. If you are going into business or finance, a bank teller position might be an ideal opportunity to earn additional money. Find out about your intended career and spruce-up your resume. Another great option is to apply your knowledge and skill-set to become a tutor, nanny, or little league coach. There are websites available to assist college students and families in the match process.