Being adequately prepared for college can be challenging and seem overwhelming.
One can neither be too early nor too late to take the necessary steps in financial preparations for college.
The earlier you start saving, the better. You will be grateful later when you comfortably go through college.
If you are well prepared, you will have enough money for primary use and extra for recreation and other interests.
1. Open a checking account
A checking account is the best way for college students to manage their money. With a checkings account, it is possible to keep your finances on track. You will also be able to avoid overspending. The best checking account is a no-fee account that also comes with a free Visa debit card.
2. Find alternative and creative ways of making and saving money
Thanks to the world wide web, it is now possible to get one or more jobs online. There are many websites and apps offering money making opportunities. What is better, is that you can work or perform your tasks at your own time. Here are a few examples of money making avenues that can help you financially prepare for college.
- Broadband cashback
You can save big money everytime you buy something online! There are brands which offer broadband cashback into your wallet if you buy something from their site, via an external website. With broadband cashback, you can significantly save!
- Broadband cashback companies make their money from the commission after sending customers to retailer websites. In turn, they give you a slice of the commission. Among the reputable sites where you can find great broadband cashback deals is Quidco.
- Learning how to save is a primary step on the road to prosperity. Saving is being prepared.
- Freelance jobs
There are various freelance jobs available on the internet; from writing articles to graphic work, transcription, e.t.c If you select the right companies, you can make extra earnings every week, to save for college. You can even join different sites, as long as you know how to balance between the jobs and your studies. For example, if you make £30 every day, at the end of the week you will have £210.
Nowadays, you can even make money from your hobbies and interests. For instance, you can take pictures of yourself or other projects and sell them online. You can also be paid to watch videos, do reviews, like things on the internet and even make friends
3.Create a detailed budget and stay disciplined
Creating a budget helps you to keep your expenses in check. Start by listing down all the necessary things you need every month; housing, clothing, food and school materials. Then proceed to make a list of all the extra stuff you need; emergencies, hobbies and special interests. Using your list, create a budget indicating how much you will spend on each and everything, per month.
- Simple Excel budget software and checkbook register template spreadsheet.
- Includes checkbook registers with the ability to split transactions and filter.
- Set and create a budget for income and expense categories that you create.
- Easiest and quickest software to take control of your money!
- Version 5.3
Last update on 2018-01-23 / Affiliate links / Images from Amazon Product Advertising API
Remember that having a job, a checking account and a budget is useless unless you are disciplined. Do not make a withdrawal or use cash on things that are not included in your budget, unless it is a serious emergency.
4.Increase your credit card limit
Having a credit card is good for emergencies for students. You can start with £500 weeks before joining college and then set up a monthly subscription e.g. Netflix or Spotify. To increase your credit card limit, ensure that you always pay on time. Use the credit card when you need the money, like in real emergencies. It is also good at giving you a great credit rating for later in life when you want to buy a property.