About College Money Management. Top Five Ways To Manage College Money

In the economy that we find ourselves in today it is extremely important to save up whether it’s for a house, car, or most importantly, college. How wise you are with your money in college will be reflected when you see how much you have to pay back due to loans.

There are many ways that you can avoid too much debt after college and that has to do with how wise you are with your money during college days. Five ways to manage your money during college are: buy used books, avoid on campus housing, get part-time job, go to community college, and most importantly, keep track of your spending’s.

The cost of books is getting higher and higher every year. It was stated that the average college student spends approximately $400 in textbooks, and that’s just for one semester. It is a wiser idea to buy a used book or rent a book compared to buying a new one because the price might be up to 40% cheaper and the book will most like be in “like new” condition. It’s true when they say that as soon as something is used it looses its value but you get a better rate too.

A very important tip when starting a new semester, don’t automatically assume that you will get all of the classes you need or want so just wait to buy the textbooks and don’t buy them all at once because you will feel like you just spent your whole life earnings! There are other options too like renting it on web sites like chegg.com. Make sure when buying a textbook to buy it directly from an online distributor because they usually offer it at a much lower rate than your school.

Something that forms a big part of your expenses during college is housing. A great way to save on it is by renting a house or apartment off campus. My sister, for example lives with four other girls in a five bedroom house and her monthly rent only a little over $400.00. I’m sure that saves her thousands each school year and I find her very intelligent for doing that. It does not only save her money, but my parents too. It’s better because you make your own rules instead of you having to follow campus regulation and who doesn’t like being the boss right?! She also only signs a 10 month lease so that over the summer she lives with my parents and doesn’t have to pay any rent. I’m sure property owners will work out a good deal if they want to get the place rented as soon as possible.

Working during your college years looks very good on your resume. It shows that you can balance yourself out to work but at the same time study which is a big fundamental. A part-time job during school days or over the summer is a good way to pay for tuition. Even though you might not get payed as much as you wished, it’s atleast something to get you through part of your expenses.

If you work you might also have an extra bit more cash than those who don’t which gives you the opportunity to treat yourself to something nice. There are schools that offer what’s called work study which is basically working on campus. Its a great idea because you’ll be saving money on gas and work might just be around the corner. Also, if you work on campus they know and want your priority to always be your education so if you need the day off due to a midterm, they’ll most likely give it to you; they are more lenient with everything. If working outside of campus make sure that you set your priorities straight like school will have to be more important at all times but still give your 110% in the job.

The cost of a University compared to a community college is always going to be higher so it’s just better to go to a four year community college rather than a UC since you will be saving alot of money. You can take the same class for a cheaper rate at a community college and still get the same education. It’s not like someone is saying “ooh, if you go to a community college we will not teach you the secret of this equation to finish it and understand it faster, only if you come to a UC you will learn it.” Once you graduate too it will not affect a job position you are trying to get only because you decided to go to a community college rather than a four year University. Education is the key to success and no matter where you get it from, as long as you have it, will help you succeed.

This last one doesn’t just apply to college students but also to everyone around the world trying to have better spending habits. Tracking your spendings is a good way to start knowing what your buying and if you just bought it because it felt right in that moment or because you really needed to buy it. As a woman, I always say, “I need a shirt, pants, shoes, and a purse” lets just say I “need” everything! But out of everything I just mentioned, I really don’t need none of that stuff but rather want. There’s a big difference between wanting and needing something. It would be highly suggested that you write down all of your weekly purchases and see if the next week you can change it up a little bit to try and make it better.

Prioritize or look for alternatives too, like if you need money for a book but you also want to have dinner with friends, that book will be more important but you can still have dinner with friends, just not out in a restaurant but make something fresh at home. Don’t ever think of credit cards as a way to get everything you want because at the end of the month, you will have to pay for balance on the credit card and if you decide not too, then you’ll be charged with interest too. It’s better to just keep track of everything you buy with just one bank card like a debit card because that way, you’re always able to see the breakdown of everything you bought rather than having cash on you since it seems like cash flows out of your hands much faster and sometimes you have to clue on what you bought.

Money management during college is very important. It’s important to try and save as much money possible by buying used books since it will save you up to 40%, avoiding on campus housing to save you thousands a semester, getting a  part-time job to have extra cash on the side, going to a community college to avoid paying a high price for the same education, and keeping track of your spending’s to know on what your money is going towards. If you follow all of these tips, I can guarantee you nothing more than success!