College is an experience that you don’t want to miss, and it leads to a much brighter future after you graduate, especially if you use a cost-effective approach and don’t get overwhelmed with student loans that will keep you broke for years after graduation.
Budgeting is hard on anyone who has to live by one, but it’s especially hard on college students who are used to their parents footing the bills. Finding yourself in a grownup situation where you’re the one responsible for paying the bills can be quite a slap in the face. That’s why in this post, you’ll be able to find a few tips for college students on a budget to help you along the way.
Use a Budgeting App
As a college student, you always have one million and one things on your plate at any given time. It’s easy to become overwhelmed and let your budget fall by the wayside. The trick here is organization. There are many free budgeting apps out there for college students to help you keep on track so that you want to go over your budget and have to call your parents to bail you out.
Try to Build a Financial Cushion
Many college students find an on-campus job before the year even begins. If you have a job, try to save at least 10% of your checks as a financial cushion. Take any spare change that you have and start a penny jar with it. You’d be surprised at how quickly that jar will fill up. From unexpected car repairs to your roommate moving out and leaving you high and dry in the middle of the semester, emergencies always happen and you need to take the financial steps to build a cushion to take care of the added expense.
Double or Triple the Credit Card Payments
Credit cards are something most college students have. However, it’s important to know that it’s easy to swipe that card, but it can be a little harder to pay it back. If at all possible, pay that credit card off in full every month, but if not, at least make sure to double or triple the payments. This keeps you from defaulting on payments and increases your credit score at the same time.
Start Paying on Your Student Loan
Student loans can be a nightmare you can’t wake up from when it comes time to pay them back after you’ve graduated and settled into your brand-new life. Even if you’re just paying the interest on your loans every month, it’ll be a big help when it comes time to really start making those payments. Put paying something on your student loans into your budget for the month, and make sure it always gets done.
Take Advantage of Discounts with Your Student ID
There are many different discounts that you can get with your college student ID, Benefits such as signing up on Amazon for a student prime account, movie tickets, and more can be had with a simple student ID or at times by just using your student email. Why would you not take advantage of the discounts given to you because you’re a student?
You’ve probably seen your mother using coupons for things since you were a child, so you already know what they are. There’s nothing wrong with using coupons for things you want and need as a college student. You’ll be surprised at the money you can save when you do.
These are just a few of the best budgeting tips out for any college student who is looking to make ends meet. College should be a great experience, so budgeting will help you get through it and enjoy it to the fullest.