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  • November 17, 2021

Saving & Spending: Tips for College Students

You might feel the pressure of college debt, rent, health insurance, utilities, tuition, and many other forms of expenses that add to the stress of being a college student. Much like a test pit, college tests your understanding of money, which will be foundational in your adult life.

As a college student, it’s unlikely to know the strategies around saving and spending that will ease your way into the real world.

Learn How to Cook

Cooking sounds easy, a ridiculous strategy to save college students money, but trust the process.

Not only may cooking benefit your overall health, but it also decreases the probability of spending a pretty buck on takeout food. You’ll be more likely to cook at home or your dorm instead of buying takeout food that comes at a higher price.

When you’re out buying groceries, make sure to buy in bulk, look for student discounts, and purchase items that are easier to meal prep.

Credit Cards

Your credit might be nonexistent at such a young age, but credit is necessary for your future. Good credit grants people lower interest on loans, approval for a higher credit limit, better approvals for rental houses and apartments, better car insurance rates, avoiding security deposits, and much more.

Overall, good credit grants people many perks. However, to build any type of credit, you must own a credit card.

College & Private Loans

Many students don’t read the entire contract of their loan before committing. Taking out a loan is a huge commitment, so read everything carefully. Find out if your loan is unsubsidized or subsidized. Ask the bank, college, or other private/public entity when they require you to make the first payment.

Certain loans allow three to six months after graduation for you to make payments. Meanwhile, most private loans acquire interest while you’re still in college.

Lastly, don’t forget to note how much interest rate of your loan (APR) is and learn to differentiate between compound and simple interest.

Scholarships

Don’t forget about scholarships! Many public and private educational institutions provide their students with scholarship opportunities aligned with their primary and career interests. Unfortunately, the reason why students miss out on these funds is due to a lack of knowledge.

Always reach out to student services in your college and ask what opportunities are at your disposal.

Even if your college lacks the necessary funding, private companies and organizations offer scholarships that differ in amount and requirements.

Most will help one or more of the following:

  • student fees;
  • housing;
  • books;
  • supplies;
  • study abroad;
  • education programs.

Most of these scholarships will require a personal statement, official/unofficial transcripts, proof of financial need, and basic personal information. So, apply and use the money to cover your expenses or even some loans.

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