As early as college, students should already be able to manage their finances well. This is a very useful and practical skill to develop before joining the workforce.
Recently, it was revealed that college students spend an average of $836 on clothing, electronics as well as dorm furnishings. It was also noted that a huge chunk of that figure is spent at home furnishing and décor stores.
Students can also check out these tips on how to save money on textbooks. It's hard enough to pay the cost of tuition these days - students need to be smart in managing their finances and economize where they can.
TFA shared four apps that college students can download to keep their finances in check. These apps are available for iOS and Android devices.
As one of the most popular budgeting apps on the market, Mint is a web-based personal finance tool that connects all of a user's financial accounts such as banking, credit card and student loan in one place. The app also automatically labels and categorizes most transactions.
This peer-to-peer mobile payment app is a virtual wallet for college students. It syncs with the user's checking account and allows money transfers on the spot. Users just need to enter the amount he or she needs to pay or receive, click send and directly deposit money into the account of the payee.
It is a personal finance app that is based on the envelope budgeting method. GoodBudget provides users with a visual update by breaking down where their money goes. The publication noted that the app is not overwhelming and is easy to navigate. It also syncs to other devices for easier monitoring of finances.
Wally also presents the user's budget in clear, concise charts. This finance app gives users an accurate, up-to-date look at their spending. Other features include saving receipts on the go, logging transactions as you spend as well as setting alerts for upcoming payments. Furthermore, it does not require users to link their personal checking or credit card accounts.
