Many college students find the transition from high school to college difficult. One of the most challenging parts of that first year away from home is being in charge of budgeting and spending your money on your own.
Paired with other new responsibilities, many students may find it daunting to manage their finances for the first time. To help you start taking control of your money, follow these tips from John Westwood from Blacktower Financial Management Group.
Get Your Priorities Straight
The first thing you should do is be realistic when it comes to your money and priorities. Determine which expenses are essentials and prioritize them over others.
Unfortunately, this means making sacrifices when it comes to your social life. Don’t be scared to say no to your friends from time to time, especially when money’s tight.
Consider doing your budgeting using apps or a spreadsheet to keep your finances organized. Some great and free budgeting apps you might want to check out are Mint, PocketGuard, and Wally.
Open a Student Bank Account
You’ll also benefit from opening a student bank account. These types of accounts are designed specifically with students in mind so they’ll have useful perks like interest-free overdraft options, sign-up gifts, and exclusive discounts.
Look for Student Discounts
One great way you can save money is to keep your eye out for student discounts and deals. Establishments like restaurants, cinemas, and retail stores often offer discounts for students during the back to school season and sometimes all year round.
Many online stores also give students special discounts. Next time you’re shopping online, look for discount codes before checking out your purchase.
The browser extension Honey is a great tool for scouring the Internet for discount codes with little effort.
Reach Out for Help
Don’t be scared to reach for help if you’re really struggling to get your finances together. Try getting advice from your parents or a counselor from your university.
If your problem is more about a lack of resources, you can get in touch with your university’s finance department or student union to see what kind of programs they have that can help you with your problem.
You can also apply for scholarships and grants if you think your academic performance can qualify you for them. Doing so would help you manage tuition and living costs better.
Here’s a list of active scholarships for the current school year.