Even a small difference in percentage can mean big savings over the life of your loan. Take an interest in your interestĪnytime you borrow money, whether it’s a car loan, student loan or credit card, always shop around for the lowest interest rate. Pro tip: Part-time work related to your field of study can help you land your target job once you graduate. It helps to have an internship or job (or two or three) to supplement your financial aid checks – and in today’s gig economy, finding flexible work is easier than ever. Successful college students become quick experts at cobbling together multiple sources of income. Pro tip: Keep them in good shape and you can often sell them back at the end of the term for credit toward your next purchase. You can save a small fortune this way and pocket some extra cash for weekend plans. One of the best money-saving tips I ever got as a college student was to buy used textbooks whenever possible. Pro tip: Get in the habit of asking about a student discount everywhere you go. Keep your student ID handy in case they need to see it. But they don’t always advertise it, so it pays to ask. In a college town, you’ll be amazed at how many businesses will offer a discount to students. Pro tip: This budget depends on your ability to tell your needs from your wants, so prepare to get totally real with yourself. Aim to spend around 50 percent of your income on needs (rent, bills, etc.), 30 percent on “wants” and 20 percent on savings and debt repayment. ![]() Instead, try following the 50/30/20 rule, a simple, flexible budgeting technique to help keep your spending on track. Your college income and expenses can vary wildly from month to month, so it’s difficult to set a hard-and-fast budget. Whether you’re a Duck, a Beaver or going to a different school entirely, we’ve got resources to help you succeed.įor starters, here are a few helpful tips we wish we would have known before heading off to college: 1. To support both your financial (and academic) journey, OCCU partners with local universities to offer credit cards and other financial products geared toward the needs of college students. The more creative, resourceful and practical you are, the easier it is to make your funds last the entire term. Managing your money in college is a different sort of beast – but it’s the sort of beast that can be tamed. If I didn’t want to run out of money before midterms, I’d have to budget very carefully. That was before I realized the funds would have to cover all my expenses for the whole term. The day I got my first financial aid check, I couldn’t believe how much money they were handing me.
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