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5 Financial tips for College Students

Updated: 6 days ago

Your professional education is one of the most important stages of your life in preparation for job competition in whatever your preference is, such as engineering, human sciences, health sciences, etc.

Being the university, in addition, a time of preparation and complete dedication, economic problems will always be haunting your wallet. That is why you, as a university student, we invite you to read these 5 financial tips to manage and make your money work more.

1. Plan and categorize your monthly expenses

Make a small list of all your fixed expenses with their respective category, money limits, paydays, etc. For example, the cost of tuition, gasoline, your monthly cell phone rent, meals away from home, stationery.

With this, you can responsibly manage the money that is necessary for the continuation of your studies. Remember that graduating from college is also graduating in economic independence and financial control. To make sure you don’t miss any expense, you can use a note app in your mobile.

2. Borrow or rent your educational material

Books of up to USD 1,000? Tuition of almost USD 1600? We know the importance of educational material in whatever your university career is. But sometimes our budget does not allow us to have our things. We recommend you be aware and borrow or rent with friends of other generations, library, or digital systems for used books etc.

3. Plan your vacations and fun

Do you live in the city and do you like to go out every weekend to party or on vacation? Are you a foreigner and travel every weekend because you miss your hometown?

Having fun and going out is not bad, but you should be careful with all the activities that have this category since they are the most reflected in the last days of the fortnight by not having money for other important expenses. Be prudent and manage all your club outings, movies, restaurants with friends, concerts, bars, or vacations according to your monthly budget. We assure you that if you manage a monetary cap on how much you can spend per trip, you will have more options during the month for your fun.

4. Prepare yourself with a savings fund or afore

If you work part-shift or on summer vacations, you take the opportunity to occupy yourself in a job, you should start thinking about your retirement fund, called Afore. According to the survey "Savings and the Future: How do university students think?"

That is why we recommend you start planning and looking for the best institution of your choice to start with this savings in the future.

5. Pay your credits on time

Suppose you make purchases with personal loans among your finances such as clothing stores, department stores, banks, automotive, etc. Try always to control your debts and payments to generate interest that may affect your monthly spending plan and your credit history.

If your university has agreements with financial institutions of this type, thoroughly investigate the advantages, you will have with said plastic. Always remember: "Use your credit for the unexpected, not for everyday expenses."

Other little tips:

  • Use your student ID for discounts on urban transport, shops, vacations, etc.

  • Prepare your food at home, sometimes if you eat breakfast or eat inside the university, you will have higher expenses.

As a university student, do you do other practices to save and make your money work during the month? Tell us!