Living Your Best Financial Life - College Aged

By Avery Mills | May 1, 2018 7:00:00 AM
Living Your Best Financial Life - College Aged

One of the biggest worries for college students today is money. In a 2015 survey conducted by Ohio State University, nearly 70% of students said they have some form of money stress in their life. However, there are some steps a student can take to help alleviate this pressure.

APPLY FOR AID

The more help you can get paying for college, the better. Always be on the outlook for financial aid opportunities. Expand your search beyond what your college offers since there’s a scholarship for just about everything these days. Have red hair? There’s a scholarship for that. Taller than 6’ 2”? There’s a scholarship for that. Have a talent for duck calling? There’s a scholarship for that. Start googling because even a $500 scholarship or grant here and there can be a major benefit.

STUDENT DISCOUNTS

Take advantage of all the student discounts available to you during your time on campus. This could be at restaurants, shops, and more. Make sure to always carry your student ID with you just in case you run into a great discount. Some online retailers, such as Amazon Prime, offer discounts for students. All you need is an eligible student email address.

ALWAYS BUDGET

Those college years are famous for living on a tight budget which may mean having ramen noodles for multiple meals. The fact that you may not have much income during this period in your life makes it even more important for you to make sure you have a budget. Every single cent you receive should be accounted for each month. If you aren’t sure where your money is going, you should track your spending for a few weeks. Try and make it a goal to prioritize saving during your time in school. Even $20 a paycheck can make a difference.

LIMIT ACCESS

You can’t spend money unnecessarily if you don’t have easy access to it. When you go out with friends, set a limit on your spending (don’t forget to factor in items like tips, gas money, Uber, etc.) and bring that amount of cash with you. This will help you pass up those tempting extras that may break the bank. Use another form of payment, such as a credit card, only in the event of an emergency. 

Topics: Living Your Best Financial Life, LYBFL

Author: Avery Mills