There’s a reason they say that your college years are the best of your life. Think of it! A four year license to learn and have fun without the pressures of work, family and running a home. It’s also in many ways a dress rehearsal for adult life. We are out from under our parents’ wing and living independently yet without quite the same pressures that we’ll face upon graduating. It’s the perfect proving ground for developing good financial habits that will lay the foundation for a thrifty yet happy life. Many college students, giddy with the thrill of independence tend to overspend in their early months and while an inaugural splurge may not be the end of the world, it certainly can’t be allowed to set the tone for your four years of spending on campus. Whether you’re studying on an undergrad course at the moment or have a son or daughter who will be this year, you may well benefit from some of these methods to help you to put your best financial foot forward and begin your journey to financial independence…
Take advantages of loyalty schemes
Sure your inbox may blow up but when you sift through all the spam, there will inevitably be some awesome coupons to help you save money on all the essentials. Just look at this article on all the ways you can save money at Bath and Body Works. Often, saving money isn’t about making huge savings but making lots of little cuts here, there and everywhere. Giving out your email address or even your cell phone number is often a small price to pay for the substantial savings that you’ll make throughout your studies.
Know your limits when you party
We all know that college students work hard and play hard. And while partying and having fun are valuable and essential parts of the college experience, it’s also important to know your limits when it comes to alcohol intake. A drink or two can make a good night great, but one or two too many can make a great night into a disaster. Alcohol makes us less conscious of our spending (especially in an era where we can pay our bar tab with a contactless debit card). If we overindulge in alcohol, not only can we spend recklessly, we can do pretty stupid stuff. If you find yourself threatened with expulsion for something silly you did when a night out got out of hand. If this happens click this link. You’ll need an attorney who has a college student’s unique financial situation in mind.
In the digital age, we rely so heavily on online shopping and debit cards that it’s easier than ever for our spending to get out of hand. Thus, it’s a good idea to use cash when spending for day to day essentials. Take out a lump sum at the start of each month and keep it somewhere safe. Ration it out throughout the week and leave your debit card at home when you go out. This will prevent you from overspending and force you to think twice before making purchases.