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3 Quick Financial Tips for New College Students


Most people know that going to college can be a wonderful experience. Pursuing a higher education can prepare you for all kinds of challenges in life, by improving your interpersonal skills, and promoting independence. It’s also an excellent opportunity to add critical certifications to your resume which could lead to better paying jobs. The only problem is that unlocking a new level of education can be an expensive process. Typically, you’ll need to not only get help paying for tuition but re-arrange your entire financial strategy to account for the new expenses you’ll face every day. Fortunately, the following 3 quick tips could help to prepare you for the realities of college costs.

Know Your Bare Bones Budget

Most students going to college need to learn how to get by with less money than they’d usually have. It’s difficult to have a full-time job and learn at the same time. A part-time career can help you to pay for some of your expenses, but you’ll still have to pinch pennies to make ends meet. When figuring out what you can really afford in terms of housing expenses, food, and other essentials, you’ll need to create a bare bones budget. This means looking at the amount of income you can realistically expect each month and dividing that cash among the essentials. There’s a good chance you won’t have much money left for extras, but if you do, try and give yourself a small treat each month to help you stay on track.

Get the Right Assistance

Most people simply can’t tackle the expenses of college on their own. Unless you’re lucky enough to have a scholarship, some fantastic grants, or a family who can pay your way, you’re going to need to look into student loans. The good news is that there are more options available today than there used to be. You can get a private student loan from a lender that considers your specific needs. Working with the right lender and taking your time to consider your options carefully will make tuition payments less of a burden. You could even work out how to have enough money left over to pay for your car so you can get to and from college more affordably too.

Don’t be Afraid to Get Creative

Sometimes, living on a tiny budget as a student can be a challenge – but it’s also an opportunity to show off your creative problem-solving skills. For instance, if you and your roommates eat the same foods, going in together on bulk purchases could save you some monthly costs. You can also look into things like second-hand furniture and course books to keep costs low. There are plenty of forums and groups online dedicated to students which are perfect for tracking down new ideas and inspiration on how to make your money go as far as possible. Consider sitting down with your roommates every month or so to discuss new ways you can save money and reduce costs for everyone.

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