Personal finance and savings tips for college students

College is one of the most interesting parts of one’s life. Friends, parties, road trips just to mention a few. Most higher education students live a cheap and expensive life at the same time, and this ends up not so well for most of them. If you are one of these students, and you want to take charge of your personal finance, then read on.

  1. Keep an eye on your bank account…literally.

Do you know those mornings after a long night out of spending and having fun that you are afraid of looking at your bank account? I know you do. This is one of the mistakes that most students do. While your out, keep an eye on what things actually cost, and once in a while check you bank account to make sure that everything is in order. This is easy nowadays with mobile banking. So, don’t just spend and spend without any thought.

2. Order most things in bulk

Of course, this only applies to certain things. We don’t mean order your pizza in bulk. But for stuff like alcohol, it is much cheaper to order in bulk since most times you get a discount. I know of a friend who used to do this, and believe it or not, he saved big while at school, and he always had drinks in his dorm. That’s still a plus.

3. Always plan ahead..when you can.

Planning is as important as saving. As the saying goes, if you don’t plan, you plan to fail. Try make a plan on how much you will be spending before you walk out the door. If it’s a night out, plan how much you’re willing to spend on drinks. This way, you avoid over spending and hating yourself the next day. This step will prevent you from doing the mistakes mentioned in tip one

4. Give yourself some slack.

Saving can be a bit daunting some times and some people go to extremes of denying themselves some fun and pleasure. Remember, the goal here is to be smart. If you are planning and saving, you know what sort of thing you can and can’t afford. So go ahead and buy yourself that cool watch, or those cool sneakers. You have planned for it, so there is no harm done. Don’t deny yourself, remember to still live and enjoy life.

5. Watch the friends that you keep.

This is not so much on savings and finances but more of a general rule of life. One wise guy once said, if you hang out with four broke guys, you will be the fifth. The friends you keep are very important. Surround yourself with supportive, uplifting, successful and focused people. This will make you want to be like them, and in this way you get all the good traits. If you hang out with drug dealers, you will end up on that path one way or another. So, choose your friends very wisely.

6. Read more

This one is a tough one for those who don’t like reading. Try read at least a book or two every six months. You will learn a thing or two.

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