It is common practice to become broke during college. Today, you might not have much money, but you should be financially prepared before you graduate. There are many ways to build your finances during your college years and nobody can tell you the recipe for success. Some people are torn between studying and a part-time work; others find jobs just before graduation, and yet others have no income at all. Here are some tips you can follow to find the right direction.
Learn Basics of Finances
Look through the free classes and workshops at your college, community organizations and libraries. Sign up for them. The more you understand the nature of money, the easier you will make correct decisions in your future.
You can find information in other sources as well. On the Internet, there is plenty literature on financial themes. In addition, find online videos, quizzes and tutorials that will help you understand material better.
If you have debt or student loans, look at literature about compound interest and interest rates.
Calculate Your Expenses
The best time to assess your spending is at collage, while your spending is simple. In your future life, you will deal with insurance, mortgages, medical bills, child-related expenses, etc. Good habits you today will be helpful tomorrow. Make a journal for recording your expenses and keep noting them every day. At the end of the week, analyze your spending; find out your weakness and habits. Try to cut monthly bills; this will help you later when it’s time to pay your student loans.
Practice Moderate Requests
Find different ways to save money. Try to use discounts on everything you buy and learn some DIY skills. For example, instead of going out for a movie and dinner, organize your own movie or beer party. Learning to be frugal is a big step for owning financial independence.
Start Searching Work Earlier
Nowadays, many graduates have difficulties with finding work. It’s also not easy to find work during your study years, when you can’t work full time. Use LinkedIn to start early and build a groundwork to a great job in the future. Visit job fairs and stay connected with recruiters by sending your CV out every semester. Additionally, you have time to learn how to write an attractive resume and make an appropriate impression on prospective employers.
Our main recommendations:
- Apply to as many jobs as you can;
- Communicate and constantly build your network;
- Use professional networking sites such as LinkedIn;
- Send your CV through different forms of contact (email, phone, sites, etc.);
- Always follow up with an employer.
Save Money Day-by-day
Even if you have only a little to save, it is better to place $10 in can per month. This action is directed to build a good habit. When you will be paying off your student loans, it will be easier when you have an emergency fund.
Make a Financial Plan
Budgeting and financial planning allow you to know the salary you owe after benefits and taxes. To manage your finances efficiently, you should plan what to do and how you want to live. Write down your financial goals and monthly budget and build a plan to repay debts.
During your college preparation, you should understand that time at college is the best time to set your financial capital and make a step toward your bright future.