5 Financial Tips for Every Freshman

-------------------------------------
-------------------------------------
  • offtocollege post - please share:
  • As you move on to college and start budgeting money for yourself you may find yourself struggling.

    As young adult you may find it intimidating to try to manage your money but the worst thing you can do is to bury your head and assume things will work out.

    Instead, you need to proactively look at your income (whether money from parents, loans or a part-time job) and come up with a plan to make it cover your needs.

    Let’s have a look on top five financial tips.

    Create a Budget. 

    You are best to create both a monthly budget as well as a budget for the semester. Map out your basic costs from things like food and rent to what your best estimate for books and other school supplies will be. These core items must be accounted for and you should add 10% to this number in order to leave yourself room for errors in calculations or unknown items that may come up.

    Stay Away from Credit Card Offers.

    When you get to school you may find yourself inundated with credit card offers. Credit card companies may provide incentives to sign like shirts or gift certificates. While it may be tempting to apply, get the “free” item, and start using your credit card, this debt you incur can add up fast and hamstring you in the future. You are better offer avoiding credit cards altogether but if you are strapped for cash and need to utilize credit, you should only do the bare minimum.

    Discounts.

    As a college student you may qualify for a host of discounts you never knew existed. Whether it is at the movie theatre, with airline carriers or even at the local restaurants around your college, look online and in the student paper to see which group offers a discount to local college students. You will be pleasantly surprised how many businesses are vying for you to spend money with them.

    Used Textbooks.

    You walk into the bookstore and there are the clean, shiny textbooks on the top shelves and just below that you will likely see used books. Guess what?  These used books contain the exact same information and could be as much as 50% less. Moreover, when you get the required text books for your classes, you may be able to find even steeper discounts online. There is absolutely nothing wrong with buying used textbooks and in fact it may be the single most significant way an enrolled student can save on the actual cost of attending school.

    Student Loans.

    A large percentage of students take out both private and public loans. The best practice, however, is take out the bare minimum amount needed to get through school. You should never take out loans for luxury or even discretionary purposes. While everyone deserves to blow off some steam and have fun or purchase a non-necessity, it is critical that the decision to buy a new pair jeans doesn’t cost you thousands of dollars in interest.

    College is an exciting time and you will grow in a host of ways you cannot expect. Part of the growth and learning should also include smart use of your money- where you control it and it doesn’t control you.

    About the Author:
    Kathy Manson is a Finance Coach and Blogger. She has completed graduation from Boston College with a Financial Management degree. Currently she is working on structured settlement cash for www.catalinastructuredfunding.com. She is very proactive and aware about each and every update of financial changes in the industry.

    Off-to-College reference:

    college planning steps for MARCH

     
    $27.74Bestseller No. 1
    RCA RFR321-FR320/8 IGLOO Mini Refrigerator, 3.2 Cu Ft Fridge, Black
    1,745 Reviews
    RCA RFR321-FR320/8 IGLOO Mini Refrigerator, 3.2 Cu Ft Fridge, Black
    • 3.2 Cu Ft Capacity, Compressor Cooled with Space Saving Flush Back Design (Black)
    • Built in Can Dispenser and Freezer Compartment. Dimension: 20 inch L x 18 inch W x 32 inch H
    • Slide Out Tempered Glass Shelves; Adjustable Thermostat
    $50.00Bestseller No. 2
    Amana AMAR27S1E 2.7 cu ft Chiller Refrigerator, Stainless Steel
    • Adjustable Mechanical Thermostat Control
    • 2 Liter Bottle Door Storage
    • Freezer Compartment
    $28.33Bestseller No. 3
    BLACK+DECKER BCRK17W Compact Refrigerator Energy Star Single Door Mini Fridge with Freezer, 1.7 Cubic Ft., White
    252 Reviews
    BLACK+DECKER BCRK17W Compact Refrigerator Energy Star Single Door Mini Fridge with Freezer, 1.7 Cubic Ft., White
    • 1 Full Width Glass shelf
    • 1 Full Width and 1 Half Width Door Shelf accommodates 2 Liter and Tall Bottles
    • Adjustable Thermostat Control and Leveling Legs offer ultimate versatility

    Last update on 2019-11-14 / Affiliate links / Images from Amazon Product Advertising API

    facebook linkedin pinterest

    Amazon Affiliate Disclosure: OfftoCollege.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. The commission earnings are used to defray our cost of operation.

    View our FTC Disclosure for other affiliate information.

    Comments

    Time limit is exhausted. Please reload CAPTCHA.