5 Money Saving Tips for College Students

Each year thousands of high school graduates prepare themselves for a new life as college students. They not only have to learn academic lessons but also have to learn some important financial lessons. For most of them this will be the first time that they have to make so many financial decisions. How much they can spend on rent, food, clothes, etc. The saving tips below will help you to make the right decisions:

1. Cost of living
Make sure that you know your monthly expenses. Write down your monthly expenses, such as rent, utilities, groceries, school related things (supplies, activities, fees, etc.)

2. Set some money aside
Once you know your monthly cost of living, you can determine how much money you can set aside. Of course you need money for entertainment, but you also need money for the unaccepted things in life. So set aside some money on a savings account, even if it’s only $15 – $25 each week. This way you always have some money for an emergency.

3. Organize bank statements
Make sure that you keep your bill, bank statements and ATM receipts ordered. No, you don’t have to be accountant. Keep it simple! Put everything in one map. Organize them by month and by category. This will only take you 5 minutes each week, but if you are looking for something you can find it right away. If you use a computer for banking information, then make sure you backup this information.

4. Try to save
We know that a student budget is tight, but there are many ways to save a buck. Use public transport, try carpooling, bring your lunch from home and buy used text books if possible.

5. Credit cards
Credit card companies target students, because they know that they always need money. Don’t fall for it! (The percentages you have to re-pay are high on credit cards.) Use cash instead! If you already have a credit card, then only use it for emergencies or for large purchases, like books. If money is tight in a specific month you always can take some money from your savings account (see tip 2.)

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