Financial Tips for College Students

Introduction

College life is an exciting journey that goes hand in hand with academic pursuits, new friendships, and personal growth. Adding financial responsibilities to this can make things pretty overwhelming. Managing your tuition, living expenses, and other costs has been an extremely broad experience for students across the world. Proper financial management should be taken into prime consideration, as studies have proven having financial stress has an impact on a student’s academic performance and general well-being.

A Brief Background 

Students throughout history have grappled with financial burdens. In the 20th century, higher education tended to be reserved for the affluent classes. Also, there was hardly any scholarship money or other forms of financial aid. The development of financial aid programs later in the century, and especially loans, was pointed toward opening access to higher education. The typical student today, is hit by various financial pressures, from the high increase in tuition fees to high living costs, which varies region by region. This is why we're here to give you pretty decent advice so you don't get swamped up with responsibilities. 

Smart-Spending Tips

Efficient budgeting has always been a key to financial success. We have some modern strategies: 

1. Try to Use Shared Services: Well, the concept of renting or borrowing a product instead of buying one isn't new. In the olden days, sharing tools and equipment was quite normal within a community. Today, services such as local libraries and other community centers keep the tradition going by loaning out stuff. For example, in many countries these days, universities and libraries have gone much beyond books in loaning out tools, electronic items, and even sports gear. 

2. Group Purchases: This concept of bulk buying for the purpose of saving money dates back to when ancient markets were in vogue. Communities used to pool their resources for bulk purchases. Today, this idea can still be carried out with groceries and supplies by contacting local markets and wholesalers.

3. DIY Entertainment: Before the digital age, social activities focused on community events and homemade entertainment. That spirit lives on in the colleges to date through board game nights, movie marathons, and potluck dinners. Many colleges also provide free or low-cost cultural events, continuing a tradition of community-based entertainment. 

For more about budgeting effectively, check out our extensive guide here. 

Other Sources of Income 

You can also try to integrate other sources of income into your lifestyle. Examples are:

• Freelance Work: Indeed, the concept of freelancing has evolved from traditional guilds in various trades and crafts, wherein experts at particular tasks sold their expertise. Today, freelance job platforms such as Upwork and Fiverr can give students all over the world work flexibility. 

• Local Odd Jobs: Back in the day, apprentices and other local laborers did various odd jobs to get extra cash. Contemporary students can very much do the same thing with some sites, depending on their region. It could be babysitting, walking a dog, mowing a lawn, or even helping with an academic assignment. 

• Sell Unused Items: Utilizing selling platforms, like eBay and the local Facebook Marketplace groups, students can declutter some of their unused items while picking up a few extra money in the process.

Financial Apps and Tools 

Technology has changed financial management. Nowadays, you can make use of apps and tools on the Internet to manage your finances:

1. Expense-tracking apps: Keeping track of expenses dates as far back as bookkeeping. Many applications simply digitize this traditional practice of expense tracking to help students manage their finances better. So, check out the one that works best for you and stick with it. 

2. Cashback and reward programs: Everyone likes a little extra money. Modern cashback apps like Rakuten and their local equivalents do essentially the same in today's digital economy. Make sure to ask around and do your research to find out the best ones that offer discounts or shopping points. 

3. Educational Apps: The idea of accessing educational materials at more affordable prices originally evolved with early lending libraries. Today, digital platforms lend inexpensive or free access to textbooks and resources to students, so they don't have to spend a lot on these resources. 

Leveraging Student Benefits 

Student benefits may have evolved over the years, but they are still a valuable tool. We have listed some you should try out. They are:

1. Free or Discounted Software: Over the years, many academic institutes have provided access to some form of limited resource for their students. Today, the majority of colleges and universities offer free access to software like Microsoft Office and Adobe Creative Cloud to support their students. Confirm with your institution to see what offers are available to you.

2. Local Discounts: A lot of places offer student discounts, especially around student-centered environments. Having your student ID with you at all times can help you save on various expenses. You just never know which store might be offering a student discount on their products.

3. Health and Wellness Services: On-campus health services continue to prove an invaluable resource for students everywhere around the globe. With their health insurance plans, counseling, and even fitness facilities, you must agree with us that utilizing these services can be a huge benefit for you as a student. 

Planning for the future 

As a student, you should also consider the long-term benefits that come with planning for your future. It's never too late to begin, so here are a few ideas. 

1. Internships and part-time jobs: These have been the oldest sources of experience and earnings for students. You can look for internships related to your course of study through platforms such as Internshala and Glassdoor. Apart from the experience you gain, you might also get financial compensation from them.

2. Attend Free Workshops and Events: Many universities and organizations run free workshops and seminars on various skills. Attending them can help you become more financially literate and also develop your career.

3. Networking: The art of professional networking cannot be overemphasized. An app like LinkedIn is extremely useful for career development. For strategic financial planning advice, make sure to leverage the global resources available to you. 

Conclusion

Being resourceful with your finances can be a challenge as a college student, but utilizing the above  creative and tested tips will not only help you survive as a student but also help you thrive throughout these trying times of your college years. Apply them today and explore our other articles on detailed money advice about budgeting, saving, and investing to set yourself up for the future.