Top 5 Easy Money-Saving Tips for College Students
Life can be so overwhelming, especially during these times. It can be very challenging navigating college classes, extracurricular actvities and a job, just to name a few. Don’t fret, we are here to help!
Here are some general saving tips:
1. Avoid spending more than what you’re earning.
This is the most powerful money-saving tip that, to this day, is still a challenge to many.
2. Make a budget.
This simple but very powerful tool allows you to keep close track of your money spending. You can find a lot of online budgeting apps and tools, as well as spreadsheet templates to get you started.
3. Limit your credit cards.
It can be tempting to take out numerous credit cards, knowing that these can also be good financial tools to build a better credit score. However, if not widely used, credit cards can also be very dangerous. Avoid having so many cards if possible,
and ensure that all your balances are paid on time.
4. Have an emergency fund.
You will never know when you will need money for an unexpected medical emergency or when your car breaks down. If you are in the middle of paying your debt, you can start a smaller emergency fund. The goal here is to have something that you can use during emergencies.
5. Know the type of insurance you need.
You can find so many types of insurance products today. But being a college student, know what type of insurance you need. You don’t need life insurance if you’re single and don’t have any children yet. But do you need auto insurance, health insurance, or maybe a renter’s insurance? These things have to be secured in place so that you know you will be protected.
