The start of a new school year comes with a lot of freshmen being on their own for the first time. They would be living independently. For many, it would also be the first time that they will handle their finances without the help of their parents.
College students should start to develop the habit of saving their income early. One surefire way to be able to save money is by cooking, instead of eating out every night. This can also help freshmen eat healthy. Forbes shared 10 tips that can help college freshmen manage their finances.
1. Find the best account and bank for your current financial situation. A lot of times, the account you had in high school may not provide the greatest value now that you're in college.
2. Keep track of your personal finances by using mobile apps. Check out these four finance apps that every college student needs.
3. Be responsible in using your credit card. Look for a program that has no annual fee, has good rewards as well as a reasonable interest rate.
4. Purchase recurring expenses, like books, wisely. Find cheaper alternatives than buying them brand new.
5. Bringing your car to campus may be expensive. Opt for public transportation or ride sharing instead.
6. Educate yourself on the various types of loans and scholarships out there. Borrow only what is needed, remember you'll be the one paying for it in the long run.
7. Start saving a little each month. A simple budgeting rule that college students can follow is the 50/20/30 rule. Again, developing this habit early has benefits that will help you when you pursue your career.
8. Get a flexible job - one that gives you time to do schoolwork. The gig economy, with apps like Uber, Lyft and DoorDash, are helping college students pay for their education.
9. Take as many classes as possible. One of the reasons why students overpay for college is because they don't have a definite plan for achieving their degree.
10. Network. Establish meaningful connections while you're still in college. This will definitely help your career in the future.
