Heading off to college is an exciting time but it can also be an extremely expensive time too! Before you start studying for an amazing degree, it is important that you keep track of your finances. That’s why, below, we have listed the top financial tips for students. These tips will ensure that they have a good grip on their money, while still having an amazing college experience!
Carry on reading to find out more!
Financial Aid Options
Education is not cheap, but many students are simply not aware that they can lower their costs with financial aid. You need to know exactly what options are available to you so that you can make the most out of them. This includes looking at scholarships and grants and putting time into researching whether you will qualify for any funding for a hobby that you love or for the type of degree that you are getting.
The more money that you can get to fund your education, the less you will have to worry about coming out with a tonne of debt! If you do have to take a loan of some kind, make sure that this is only to cover your expenses and not to cover a lavish college lifestyle with expenses that really are not necessary.
Open the Right Bank Account
To make banking easy, ensure you have the right account opened. For example, there’s the BB&T student checking account which boasts a number of benefits like no maintenance fees, a no minimum balance requirement and overdraft protection. You should do plenty of research before opening a bank account to ensure that you’re getting the best deal.
While your classes and social life need to be planned as a student, so do your finances too. Make sure that you have a budget in place so you know exactly how much you are paying out in rent, school books, gas, groceries and so on so forth. Having these ballpark figures will help to keep you out of debt and you will be able to keep track of your student checking account with ease.
Take Advantage of Student Discounts
One of the best things about being a student is being able to take advantage of the amazing student discounts on offer. There are tonnes of benefits that you can enjoy from money off at restaurants to cheaper technology purchases. As a student, you can utilize these discounts to save yourself lots of money and so make sure before making a purchase you ask if there is a student discount available. If you don’t ask, then you won’t get!
Learn to Love Being Frugal
For most people, a large part of the student experience is being broke and so this is something that you are going to have to learn to embrace. While you can blow all of your cash in college, this is not something that your future self will thank you for, especially when it really is not necessary to still have a great college experience!
Build Up Credit
While we definitely don’t recommend getting yourself into credit card debt, it is still a good idea to think about establishing a good credit history. Make small recurring purchases on your credit card and then make sure that you are paying it off in full each month as an auto-payment so that you never have to worry about making a payment late.
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