Budget Controlling Tips for College Students in 2020

budget controlling tips

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  • College is an important moment in life.

    It’s that time where we are usually stuck in between the two worlds of being a student and adulthood.

    We know very well that the time to choose how our life will pan out from here, after decades of education, is drawing near.

    This is the reason why we believe it is crucial for college students to learn the value of financial literacy, most of all, budgeting to prepare for the “real world” ahead.

    In this article, we are going to share with you essentialtips on money-saving and budgeting, and later on, the top financial apps that every college student should consider installing right now. We definitely have a lot to cover so let’s get started.

    Five Money-Saving and Budget-Controlling Tips for College Students

    • 1) Find ways to earn money while studying

      There are a lot of online opportunities today that allows one to start a business, regardless of the time constraints of studying.

      In relation to this tip, you can also think of how to increase the capital of your business if you already own one such as by getting a personal loan while self-employed. By doing so, you will also be increasing your potential earnings and hastening your ROI.

    • 2) Create a financial plan

      Creating your own budget plan is part of this as well, but aside from that, we also want you to make a realistic strategy on how you’re going to pay for your student loans (and other debt) later on, and how you’re going to establish an emergency fund savings account.

    • 3) Learn how to use your credit wisely

      We have heard the timeless tale of people entering a life of debt early on due to miscalculated credit card spending. That credit card debt has ruined thousands of lives. That is actually not the case. Credit spent wisely can provide a lot of benefits and opportunities that would otherwise have been lost if not for credit institutions.

    • 4) Live according to your means

      In fact, if possible, you can try sticking to your current lifestyle even if your actual means increase. In this way, all your extra budget may go to your emergency fund, debt-payment, or investments.

    • 5) Set your eyes for the long-term

      Don’t just plan for your expenses this month. Did you know that you can budget for the entire year ahead as well? You can even extend your financial plans to several years from now. Doing so will help you determine crucial milestones that you would have to hit along the way in order to reach your ideal life.

    By following the five tips we have shared with you above, we are confident that you will be able to face the challenging world of adulting with a financially clean slate, free of debt and strife.

    We understand, though, that tracking your budget and expenses can be difficult at times. That’s why we are also going to share with you our favorite financial apps to help you sort your finances out.

    Three Financial Apps for College Students

    These three are the best budgeting tools we have found so far:

    • LearnVest

      This is one of our most favorite finance apps because it is also one of the most useful and easiest ones to use.

      It is an app that securely links to your bank account and helps you create virtual budget folders (like rent and student loans) where your money can flow into.

    • Mint

      Here’s another popular budgeting app that can also link directly to your bank account. Actually, it even goes beyond that and link to your credit card as well. Aside from that, we also love using this app for budgeting and tracking expenses.

    • Check

      Finally, do you always forget to pay your bills on time because of the hectic student life you lead? Well, don’t worry anymore because Check is here to remind you about them. What’s more, is that you can even pay through the app as well. Cool, right?

    other valuable tips:

    Of course, there are still other financial apps out there, but the three we have listed above are our absolute favorites.

    To Sum it Up

    Learning how to create a budget, making one, and sticking to it can be a bit intimidating at first. However, we believe that it is a life skill that every college student should master. With the proper financial mindset and the right tools, we’re sure that you can be the master of your financial boat in no time. Good luck!

    Image Credit: budget controlling tips by Pixabay

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    Off-to-College reference:

    GUIDE: financial aid notes

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