This is a guest post from the Studenomist of Studenomics. If you are a 20 something that wants to eliminate debt while still enjoying life then this is the site for you! If you like what I have to offer then consider subscribing to my feed.
A couple of months ago Jeff Rose put together a list of 107 things that make good financial cents. I was inspired by the list and wanted to write about 107 things that make good financial cents for college students. Well I didn't want to make Jeff look bad (okay I couldn't think of 107 things) so I put together a list of 7 things that make good financial cents for college students?
1. Saving money on textbooks.
One thing that I constantly stress to my readers is the importance of cutting down costs on textbooks. This is arguably the largest expenses for college students next to your tuition fees. Buy online, buy used, share friends, or don't buy at all if the lecture notes are suffice.
2. Obtaining a credit card with a low limit & using it to build your credit rating.
If you have decent self-control and hope to buy a home one day, you need to start building your credit rating as soon as possible. Building your credit rating can be done by making routine monthly purchases with your credit card. You can also volunteer to make purchases for family and friends with your credit card when they have the cash on hand.
The Discover it® for Students card is the perfect card for students because it is easy to qualify for, reports to three credit reporting agencies, and you can even earn rewards for every dollar you spend. Read here to learn more about the Discover it® for Students card before you sign up.
3. Saving money on partying so you can travel.
Nobody enjoys having a few beers more than I do, but how much fun can you possibly have by going to the bar all of the time? I cut my time spent at bars drastically after my first year of college and I put that money towards traveling during my time off from school.
4. Working in your spare time.
I know that every college student thinks they are the busiest human being on the planet Earth. The funny thing is that everyone seems to manage to keep up with the latest celebrity gossip and status of all 85,000 friends on Facebook. We all have spare time and it makes great financial cents to spend that time earning an income. There are many ways college students can earn an income, Whether you pursue an entrepreneurial venture or work for someone else, any income that you earn will help you come closer to graduating from college debt free.
5. Buying quality clothing, not following fashion trends.
Sure you can buy some whacky pair of jeans that will be in style until too many people start wearing them or you can buy a quality pair of jeans that will look good all year round with anything you wear. Since this is not a fashion blog I will leave at this- buy clothes with durability in mind, not what will look cool this weekend.
6. Use public transportation to get around.
I don't know why so many college students feel the need to drive to school and spend thousands of dollars when the bus only requires pocket change. When you drive to school you need to deal with gas, insurance, parking, and maintenance costs. Saving thousands of dollars per year makes perfect financial cents.
7. Taking advantages of your college's resources.
If your college has a gym then use that instead of paying for a monthly gym membership. If your college offers tutoring services then use that instead of paying up to $100 an hour for private tutoring. If your college has a career help centre then get them to write edit your resume. You guys get the point.
What else makes good financial cents for college students?
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.