Moneysaving Tips for Students

Being a student is hard enough as it is. You have course assignments and lots of materials to go through. You also have to be able to manage your time and budget meticulously. The last thing you need is a series of financial issues that makes it more difficult to focus on your studies.

Knowing how to manage your personal finance is a key skill to have as a student. The better you are with money, the better you can plan for a brighter financial future. This means knowing when to save and when to splurge, and we are going to help you with the former with tips you can follow right away.

Buy Used

Almost everything you need as a student can be purchased from second-hand markets. The internet certainly makes finding used items easier since you can now browse through Craigslist, eBay, and other similar sites to find the items you need for less.

Everything from textbooks to the gadgets you need as a student are available as pre-loved items. You can save up to 80% on these items and still get everything you need to succeed as a student. Even better, there are deals and discounts to benefit from.

Always Look for Deals

Speaking of deals and discounts, there is a wealth of special offers to use too. Installing coupon apps and going through deals websites are some of the steps you need to take before making purchases. You’ll be surprised by how many coupon codes and discounts you can find online.

You are no longer limited to using discounts on bigger purchases either. You can still earn discounts on everyday items and groceries, which means you have more opportunities to save on these items. No amount is too small to save; all you have to do is use coupons when making purchases.

Start a Good Credit History

Your time as a student is the perfect moment to start developing a strong credit history. This is usually the time when you get your first credit card or apply for your first loan. It is important that you be a responsible borrower from the start because it will benefit you in the future.

When you know how to maintain a clean credit history, you are more likely to get lower interest and better deals on your future loans. It may not seem like much right now, but a 1% difference on interest rate will save you thousands on the future.

Besides, those with good credit history have access to more loans and financing options. You also have more room to negotiate better deals with taking out loans in the future.

Know Your Options

As part of keeping a clean credit history, you need to know the right loans to use and when to use them. Amassing multiple unsecured loans and using several credit cards are not the kind of things you want to do as you start working on your credit history.

Instead, you need to be wiser with the financing options you choose. Know when to use short-term personal loans and when secured options are the way to go. This takes a lot of practice and learning, but – being a student – you have all the time in the world to learn more about your options.

Save on Everyday Expenses

Some expenses are not worth making. A cup of Starbucks coffee every day may seem like a cool thing, but it is an unnecessary strain added to your personal finance. The same can be said for driving your own car everywhere and going out to parties on most nights.

These are the kind of expenses you can cut. At the very least, you want to budget for them and stick to that budget whenever possible. It is much better to save the money and use the amount you save to invest.

Invest Early

Investing is the key to securing a brighter financial future early. Now that there are more investment instruments to choose from, getting started with building your own investment portfolio is not difficult at all. You can turn to forex or shares through online trading platforms.

It is also worth noting that you don’t need much to get started. Today’s online trading accounts can be accessed with a starting capital of £10 or more. The more you invest, the higher your potential return will be. What’s important is that you get started as soon as possible.

Stick to the Plan

If you implement the previous tips properly, you will be on the right track to a better financial future. The rest should be easy from there; all you need to do is stick to the plan and continue managing your personal finance meticulously.

There is no such thing as too early when it comes to personal financial management. You have the opportunity to build a strong foundation and a healthy cash flow as a student, and now is the perfect time to get started.

5 Financial Tips for New College Students

Transitioning to life as a college student is exciting and challenging at the same time. You have more freedom and plenty of new things to try, but you also have to be responsible for your actions and be more meticulous when it comes to managing your personal finance. After all, life as a college student is also a transition to adult life, and financial independence is something that is best achieved early.

As a college student, you have more tools and resources to use when it comes to managing your persona finance. There are countless apps to help you keep track of your expenses and more investment opportunities to try. In this article, however, we are going to focus on the 5 essential financial tips to help you get started. Let’s have a look, shall we?

Build a Credit History

If you are lucky enough to get a credit card from your parents, you are already well on your way towards building a credit history. If you don’t have a credit card just yet, you also have several student credit cards to choose from.

Using a credit card to manage your expenses is handy for two reasons. First, the credit card allows you to keep track of your expenses and practice responsible personal financial management early in the game. At the same time, responsible use of your credit card is also a great way to build a strong credit history.

Having a spotless credit history will give you an even bigger advantage in the future. Lenders are more likely to work with those with a good credit score, so maintaining proper use of your student credit card allows you to get more affordable loans in the future.

Separate Needs and Wants

I know how tempting it is to buy everything you want and have as much fun as possible as a college student; I’ve been there myself, and I know how everything seems easy. While you can still have a lot of fun in college, knowing how to separate needs and wants is a crucial skill to have.

You need to keep your expenses under control, and the only way to do that is by knowing the essential expenses and having the ability to separate them from the non-essential ones. you can budget for entertainment and non-essential expenses once the basic expenses are covered.

Start with a Budget

Speaking of budgeting for entertainment, having and maintaining monthly budget is another must-use tip to keep in mind. With a budget in mind, it is much easier to know how much you can afford and plan for the expenses you need to cover.

Setting a monthly budget is not as difficult as you think, especially since you now have mobile apps and websites to help you. You can budget for rent, utilities, entertainment, groceries, and other expenses, and then keep track of your personal finance as you make those expenses.

Budgeting lets you see if you are sticking to the plan in real-time. If you spent too much on eating out, for example, you don’t have to wait until you run out of money before making corrections and adjusting how you spend your money.

Explore Your Options

As a college student, you also have access to more loans and financing options. Anything from student loans to personal loans are only a few clicks away now that you can get quotes from multiple lenders online. What’s important is that you understand the available options and when to use them.

Personal loans, for instance, are great for coping with larger expenses without putting too much stress on your personal finance. Short-term loans, on the other hand, are more for emergencies and expenses that you can cover upon receiving your next income.

Only borrow the amount you need and avoid borrowing for non-productive and non-essential purposes. While you can always use credit cards and loans for partying and buying stuff you don’t need, doing so will only lead to more financial problems in the future.

More Ways to Save

Another habit you want to pick up when you are in college is saving on everyday expenses. Once again, technology is on your side when it comes to finding deals and special offers. There are always coupons to use and discounts to claim, and they are only a few taps away.

You can take saving money a step further too. Rather than buying new textbooks, get a Kindle and search for digital copies; alternatively, search for used textbooks and resell them once you have completed the course.

These moneysaving tips are easy to find. As mentioned before, there are so many ways you can save. The money you save can then be allocated towards investments, allowing you to generate more income and strengthen your personal financial state. You will be financially independent in no time.