Wednesday, October 12, 2016

How to Improve Finances for Students (Guest Post)

College can be a very expensive experience for so many, but it doesn’t have to be. With a proper plan and good financial habits, you can minimize the amount of debt you acquire while attending post-secondary education. Here are some actionable tips to help students improve their finances.

Mapping out a budget

A budget is a vitally important tool for college freshmen, although not nearly enough of them bother to make one, let alone stick to it! In the budget you can see all the various sources of income against your likely expenses. Some of these expenses will be fixed, such as tuition fees and rent, but others will be more variable, such as costs for socialising. If a routine is gotten into then it will be easier to stick to the budget and not overspend.

Fund any extras with a part time job

If you want to spend money on something a little bit special, why not get a part time job to fund those parts of your life, then your core finances can fund your core costs and you get a bit on the side to enjoy life with.

Minimize your debt

Don't ever forget about that student loan (if you have one). It is much better to drive the debt down earlier if you can to avoid massive interest payments being incurred.

Take care of credit cards

Credit cards can be useful but they must be used responsibly! Be careful not to rack up the payments too much.

Avoid full priced products

Use discount stores or shop about online. There are loads of deals out there. You just need to look for them. Using sites such as can help you find deals on all of your favorite brands. Mamma is a coupon search engine that allows users to search for coupons on their favorite brands!

Make sure you have an emergency fund

There will always be times that are harder or when you meet unseen high costs. This is the time when an emergency fund comes in very useful! Try to add to it regularly and slowly build the fund. Then, if and when you come into difficulties, you will have this fund to fall back on.

Think about investing your money

As most freshmen seem to be struck for cash anyway the idea of investing might seem a little ridiculous. However, it's never too early to start. Planning for the future starts today. You never know, your investment might start to rack up and put you in a good position for after college. Don't forget, those days after college will come some day!

So, there you have it, some things to think about if you or your kid is heading off to college.

This article is contributed by Taylor Walker


  1. The second tip is good. Thanks to the author for the post. During my undergraduate days I also moonlighted. But before I found a job, I created my first resume and the resource helped me in this. So I fast and without problems found a job.

  2. This comment has been removed by the author.

  3.  That is an early version of what we call a mission statement today. So, then, how can a mission statement become a guide for decision making and strategic development in an to read


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