According to an Ohio State University Survey, 7 in 10 students are stressed about finance. This isn’t surprising; considering the cost of tuition, books, travel, clothes and even food! They are desperate for some financial security. If you need professional help, try getting some independent financial advice Bournemouth from a professional. In the meantime keep reading for some simple tips that every college student can follow.
1) Accounts and budgets
For teenagers everywhere, college means independence. Sadly enough, with that independence comes responsibility over money. To reduce the financial stress, establish a budget and keep an account of the money you spend. Seeing your spending outlined in front of you will help you to limit your urgings to shop, as it will make it all real. To keep track of everything, you could download an app that gives you an alert when you spend more than you were supposed to that month! All of this will help you to stay within your budget and achieve modicum of financial stability.
2) Make more money
This doesn’t mean juggling your work hours with your studies as a full time student. It just means grabbing some part time work. It could also mean starting a small business. Look at the skills you have and see which one people are interested in. You could photograph your friends at special occasions for a few dollars, sell handmade jewellery, and organise events.
The world is your canvas, you just need to take the time and effort to paint it! It’ll give you some cash, and help you to get some financial security. Just remember to keep track of your earnings, you don’t want to spend it all in one weekend!
3) Discounts are your best friend
Planning ahead is one way of staying financially secure. As it will allow you to make the most of the sales and discounts. Keep a list of things that you need, or will need sometime in the future and look out for deals.
Do some research; your student ID will allow you to avail discounts in certain shops, cafes and on most online sites. The idea is to find ways that you can get what you need, or want, without clearing out your bank account. Just remember to be realistic, if you are tight on money you don’t need ten pairs of jeans!
4) Don’t overspend
Being independent means having your own bank account. Unfortunately, this means having the urge to put everything and anything on your debit card. Bank accounts can accumulate hefty loans if you aren’t careful. As part of our independent financial advice Bournemouth we suggest that you keep up with your payments, don’t overspend and be as responsible as possible!
5) Save as if your life depends on it
Start saving now! If you aren’t already. You never know when an unforeseen emergency will pop up, and you need a lot of money then and there. The point of financial security is to prepare for as many eventualities as possible. Part of this is having a safety net of cash. This isn’t impossible; with a budget, careful spending and plenty of discipline you’ll be able to save plenty of money!
In the end, a lot depends on how much you want to be financially secure! Just remember to take the independent financial advice Bournemouth when making a decision!
Made any investments during school? If so, check out our last post here.