How to Wisely Manage Your Money as a College Student

College is an exciting time in any young person’s life. It’s the time when you have all the freedom of being an adult, yet not quite all of the responsibility. However, college is also a time for young people to learn and prepare themselves for the real world of adulthood, and one of the biggest lessons you will learn is how to save and manage your money!

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1. Don’t Buy All of Your Textbooks Right Away

It can be easy to assume that you will need all of your textbooks in college, especially as a freshman. You’ll want to run to the bookstore and snag all your books before they run out, right? WRONG! Wait until you have attended all of your classes first to make sure that you will need your textbooks because some teachers will tell you that they actually aren’t necessary. And you don’t want to be stuck with a $200 book you’ll never use, not to mention that you probably won’t get $200 back for the book when you try to sell it again.

2. Go To Events On Campus

When you’re in high school and you think about college, you may think about crazy parties and an active social life; however, what you may not realize is that those parties and events cost money, and before you know it, you’ll find yourself struggling to put gas in your car! Save money by paying attention to what’s happening on campus. Most schools have all kinds of great things going on, like concerts, exhibits, and parties that are usually free and a lot safer than going out to some club or bar.

3. Be Smart About Credit Cards

Credit cards are great to have in the case of an emergency, but that should be what they are for – emergencies only. If you find yourself having to use your credit card, be sure to pay it off right away – your credit depends on it!

4. Don’t Eat Out Every Night

Yeah, we know, cafeteria food can get boring, and you don’t always want the same old stuff, but you have to remember that eating out each day isn’t the best thing for your health or wallet. Maybe start out by just eating out once a week or on special occasions and go during happy hour or when you know there is a good deal.

5. Work Hard in High School

Another way to save money right from the beginning is to start by doing well when you are in high school! Getting good grades, taking AP courses, and earning scholarships will make your tuition bill drop significantly! So don’t just breeze through high school – really make it count! Your wallet and your parents will thank you for it!

Keep these five rules in mind as you enter your journey into college, and you’ll be well on your way to success! But if you ever run into a situation where you need help figuring out how to manage your money in college, Bell & Associates Consulting Firm is here to help! Call us or send us a message anytime, and we’ll be more than happy to assist you!

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