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Smart Money Spending Guide For College Students

Date Posted: 12/26/13

Author: admin

Lois Weldon is a professional writer at dissertation writing service She is ESL teacher. Her hobby is decoupage and poem writing. Loves Marvel comics and homeschooling her 7 years old son.

The main purpose of going to college is getting a quality education (well, at least for most students), but the things students learn during that period of life extend beyond the lectures they hear in class. College is all about learning how to become responsible and manage to live on your own without asking for more money from your parents. Becoming self-sufficient is not an easy process, but it can be made easier if you follow the right guidelines. This article will provide you with tips on how to spend (and save) your money in a smart way.

1. Save on living expenses!

Now that you are living away from your parents, the bills will be on your back; and that’s not an easy burden to deal with. If you never had to pay an electricity bill, the monthly expenses for this purpose may come as a shock to you. You can reduce the electricity usage by using energy efficient bulbs and turning off the lights when you don’t need them. Learning how to use electricity wisely is a small step that will bring you significant savings, and it’s a lesson for life!

Another significant living expense is decorating. Here’s where things get fun, as decorating on a budget is even more pleasurable than being able to spend money on whatever you lay your eyes upon. There are many objects that can be repurposed and used as multifunctional items. Don’t be shy from getting the most of thrift stores, as they hide real gems of lovely furniture pieces that you can bring back to life. Being creative definitely pays out!

2. Be smart with your insurance choices!

Car insurance is constantly getting more expensive, but you can still achieve a better price if you play the right cards. The first thing you should do is check whether your car is worth for comprehensive insurance or not. Besides searching for the best insurance offers online, you should also ask your insurance company about your rights to discount, because the best offers are often not being marketed. You can reduce the amount you pay on insurance by combining policies, annual mileage and good grades.

3. Learn how to save on food!

Coupons are students’ best friends! It is best to do your weekly food shopping with beneficial coupons, but make sure that the coupon is really valuable (it would mean nothing to you if you were purchasing the items in an expensive store). You have to do a price comparison between different stores, because it is pointless to pay more if you can get the same things for a lower price.

Learning how to cook is inevitable in college. You cannot rely solely on fast food, as that would not only bring you health consequences, but it would also be devastating to your budget. It is very easy to cook cheap, simple and highly nutritious meals. Trust me; as soon as you start cooking and experimenting with different ingredients, you will start loving the kitchen!

Remember: if you want to save money on food, it is recommended to stick to the foods that belong to the lower levels of the food pyramid.

4. Learn all about taxation!

Qualifying for larger returns is a clever way of refreshing your budget. If you just got your first job, you should research the Internet for practical tips on tax planning in order to get the most out of the money you make. If you know nothing about taxes and all those rules confuse you, the best recommendation is to work with a tax service, as it can really help you get qualified for bigger returns.

5. Have fun, but stay within the limits!

Students in college would have limitless fun if they weren’t limited by their budgets. In fact, being limited with money is a good thing because it keeps you reasonable and responsible. You can still have fun without spending too much money – all you need are good friends, great music and cheerful spirit. When it comes to good music, iTunes is not your only source, you know. There are lovely coffee shops with great live music that’s free and much better.

You don’t have to go to bars and clubs each weekend in order to enjoy your free time. Sure, clubs are a great place for meeting new people, but such a night out always costs you a lot of money. Moreover, staying on campus and enjoying the company of your friends can bring all of you closer, because there is nothing natural about the contact you make in clubs.

Conclusion: It’s not difficult to live within the limits

Being short on money is never pleasant, but you can learn how to manage the situation as soon as you get into the habit of spending your money wisely. Remember to stay organized, keep track of your income and expenses and take the necessary measures if you can’t reach a positive balance in the end of the month (yes, I’m trying to tell you to get a job).