Money and Finance : TOP MONEY MANAGEMENT TIPS FOR COLLEGE STUDENTS

Written by Lisa Greg
Thursday, 09 July 2009

Managing money is a skill and it's best learnt early. College is a place where most students are simultaneously managing their part time jobs and studies. Students often find it tough to strike a comfortable balance between saving well and spending comfortably, with the amount that they earn in part time jobs.

The following tips can help college students tide over any financial crisis and save well too.

Part Time Jobs -The best solution for a financially secure college life is to get a part time job; one that pays for all that extra spending while the tuition fees are being paid by parents. Find a part time job that does not encroach on your study time.

Save your money - Open a savings account now if you don't have one. Restrict your usage by making it a money market account that can fetch you a much higher interest rate (say, 4-6%). This account can be allotted solely for emergency purchases or unforeseen situations and, can remain as a backup while you complete your degree.

Debit card usage - No one can do away with the debit card. It's a must-have for every person who is out of his home, especially if you are a college student. To save and spend smart, use it judiciously. It is anytime better than using a credit card, because you're spending your money without borrowing it from another person.

Track your spending - Make use of the Internet banking facility. Internet banking has enabled people to get free access to their accounts and keep a tab on fund movement, as well.

Be SMART - With the Internet abound with wealth building programs, money management software, bill management applications and free budget planning software, it makes complete sense to register with one of them, ASAP. Alerts, bill tracking and funds management can all be done at one place, and most of them offer free registration too. But, be cautious. Ensure to check for security certificates and privacy details well in advance, because you are still at college and every dollar can make a huge difference.

The key to monetary success in one's life is to start managing it early, and smartly. Get control of your life to have a blast, while still at college.

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