You may not be taking a financial literacy class this semester, but it is an essential lesson you’ll want to start learning right away. Being a student is a lot of work in itself and it can be even more stressful when you add managing your finances to the work load. It can seem impossible, but we’re here to help you out and show you some easy money management tips that make it seem a bit more possible.
Create a budget
Creating a budget is not only an important step in financial management as a student, but an important step for anyone looking to increase their financial stability and make smart financial choices.
This budget should include your living costs, educational costs, and any additional monthly expenses. After laying out your expenses compare them to your income or what you may have saved for the semester/year. This is the time to cut any unnecessary expense and see where your money is really needed. Having a budget will allow you to make informed decisions when it comes to what to spend and what to save.
Take on a campus or part-time job
Working while getting an education is for everyone and that’s okay, but if you are up for the challenge income from even just a few hours of work a week can make a huge difference.
If you’re nervous about finding the right hours that work with your classes try looking at on-campus jobs first. They tend to be more accommodating to student needs. You can also look at restaurants and retail stores around your campus. These businesses will have evening hours available so it won’t affect class time and they typically give an employee discount that can come in handy. Not only will your bank account thank you, but you’ll also be adding to your resume/CV. A little extra experience can go a long way in the job market.
Take advantage of student discounts
Student discounts are everywhere, don’t be afraid to take advantage of them! Apple, Microsoft, Spotify, Amazon, these are just a few companies that offer student discounts. There are hundreds of chain stores and restaurants that have student discounts, but don’t forget about your local businesses. In a lot of college towns small businesses will offer exclusive deals and discounts to students. Make sure you always have your student ID with you so don’t miss out on great saving opportunities.
Utilize campus amenities and activities
Your tuition almost always includes more than just your room and board. Take advantage of what you’re paying for by using campus amenities and activities whenever you can. The activity fees included in tuition usually cover the campus gym, the library, cultural centers, campus events like fairs and shows. You are already paying for it so make the most of it!
Shop smart to minimize the cost of supplies
There are so many ways to shop smart and even though the savings may seem small it adds up quick. Textbooks are a big expense every semester, but there are some tips and tricks to save your bank account. Before you checkout at the campus bookstore make sure to compare the price with books available online, look into renting or buying used textbooks, or check the campus library.
Buying your school supplies in bulk can also help you knock some dollars off the cost. When buying something you know you’re going to need compare the prices of a regular pack to bulk and see where you’ll get the most bang for your buck. This tip can also be helpful when buying groceries and living necessity.
Managing your money wisely as a college student might seem overwhelming at first, but with the right approach, it can become a manageable and even rewarding part of your college experience. By creating a budget, exploring job opportunities, taking advantage of student discounts, utilizing campus resources, and shopping smart, you’ll set yourself up for financial success not only during your college years but well beyond. Remember, the habits you build now will lay the foundation for your future financial stability. Start small, stay consistent, and watch how these smart money management practices make a big difference in your life.
About Penn East Federal Credit Union
“Have a positive impact on our members, our community, and each other.” That is the common thread that goes across all of Penn East Federal Credit Union’s endeavors. With over eighty-five years in business and 24,000 members, the community-oriented credit union is a vital part of Northeastern Pennsylvania. Penn East FCU serves Luzerne, Lackawanna, Wayne and Wyoming counties with five branches and a 24/7 digital banking service through their website www.penneastfcu.org and their Penn East Mobile Banking App. Penn East FCU provides trusted financial solutions, integrity, and reliability to its members and community.
