7 SMART FINANCIAL TIPS COLLEGE STUDENTS SHOULD KNOW

It is so unfortunate that high schools and even colleges do not teach students about money
management skills, I feel it should be a subject on its own. These students are young and naive
with no idea on how to spend money, they go into the college with the same mentality and after
college they start struggling with how to manage their money when they start earning.
It takes time for them to learn money management skills, master it and balance their finances,
some of them never really get that balance because it is not something they’re used to. Apart
from school, parents should have financial talks on money management skills with their kids
once they’re already teenagers. Parents should do this regularly, at least once in month
Well, most of these students grow up to be bad spenders. Fortunately, this generation is so
lucky because of the advanced technology we have, lucky in the sense that you can google
almost anything or even take an online course with a certification. Exciting, right? Yeah, but you
need to be ready to learn.
These tips will prepare students on money management skills during and after college, so
without wasting too much time, let’s dig into it;

1. Learn how to budget :

This is one of the most important skills to learn while in
college. Like I said it’s a skill and no one is born with it, it is something that you will continually
practice and learn to stick to. As a student, you’d have money flying around in every direction
and most times you might not even be able to figure out how the money is spent.
Technology has made budgeting very easy, do you know that they are free budgeting apps
online? Of course there are. You can go to the play store or App Store to search for those apps,
make sure you choose the one that is free. These apps would help you get an overall picture of
your finances, you will all your accounts in one single platform, you will know where your money
goes etc.
Generally, budgeting helps you control your spending, it helps you set the right priorities, when
you stick to your budget, you’d find out that you have extra cash to save. Also you would rarely
fall victim to impulse buying.
When you’ve mastered this budgeting skill, it will become part of you, even when you start
earning and this will go a long way in having financial freedom at a young age.

2. Get a side hustle:

yeah right! I feel side hustle should be mainly for students.
Although you might think it hard to work and have good grades. Relax, side hustle doesn’t have
to be stressful or requires most of your time. It simply means making some extra cash with your
free time.
Are you a social media person? Do you have loyal and strong followers? Then what’s stopping
you from becoming an influencer or even brand ambassador? So many companies are in
search of students to be their brand ambassador because the campus and students in general
are there target. Once you’re able to promote their products you would get paid and even get
their products for free, which you can decide to sell or use. Or do you have a car? You can
actually do stuff like Uber or other ride services. The sweet thing is, you can schedule the time
you want to work and number of hours too.
Other examples of side hustle are freelancing, affiliate marketing, selling your old stuff, content
creator, selling your own products— clothes( if you see), snacks(if you bake), essential oils etc
Having a side hustle will enable you to save for your future even when you’re still in college, you
will hardly get broke and will not have to borrow a lot of money while in college.

3. Learn how to save:

Saving is an essential skill you need to learn, it practically
prepares you for the future. Like I used to tell my friends, when you save your money it will
eventually save you one day.
Saving might seem difficult but it is a great skill once you’ve mastered it. Putting something
aside every day will make a huge difference in your finances, the sweet thing is how saving
adds up. Imagine saving $10 every day for a year, that will add up to $3650 for just one year!
Then try doing it the second year again and you will see what I’m talking about. Even after
graduating, you will still have something in your account and will not have to start living from
scratch.
4. Have fun the wise way: budgeting or saving should not be so difficult to the
point that it affects your social life. There is nothing wrong in having fun every once in a while,
after all, all work and no play makes Jack a dull boy ! Just know your limit. There are not too
expensive ways to have fun in college.
Example is going to a school social event– you’d be surprise at how much fun you would have,
planning your outing with your friends, going to a less expensive restaurants etc.

5. Have an emergency fund:

anything could actually pop up in college. Things you
do not plan for or see coming, that is why it is always important to have something to fall on in
situations like this. I know it might sound too much because as college students you are
probably not earning too much. But having a side hustle or part time job, at least 10% of your
earnings should be saved as your emergency fund. If you don’t have either a part time job or
side hustle, you can always save something from your allowance.

6. Cook and cook on budget:

Eating out as a student will automatically make you go broke easily. Learn how to pack your lunch, you will be amazed at how much money you will have left every month. Packing your lunch does not mean you are a baby, it simply means
you’re eating healthy and at the same time you’re saving you some cash.
Cooking on a budget is another thing, this is also a skill that you can rely on even as an adult.
Learning how to cook your favorite foods without going out of your budget is great. Avoid buying
expensive recipes, they are great less expensive recipes that will eventually give your food a
delicious taste. And they are healthy and nutritious as well.

7. Start investing now:

you might be thinking or even saying is this not too much?
Investing is a lot simpler than you think and the earlier you start, the more time your money will
have to build interest and the better. As a student you can open an investment account and put
some cash there every month, before you know it, the interest on your money will start building .
Also invest in yourself by learning one or two skills. It might be clothe making, shoe making,
tech skills etc. Reading self help books— like books on finance, money management,
motivational books etc, will help you a lot, in terms of making decision and choices.