How to Live a College Live without Going Broke: Tips for Proper Finance Management

Going to college has become a rite of passage. Many more people are enrolling in colleges or looking forward to it. For some, it may be a time of freedom away from parents, or, the chance to pursue the career of their choice.

However, this freedom comes with responsibility. You have to learn to manage your finances, whether you are on scholarship, depending on your parents, and guardians for funds, or paying your way through college. Yes, it is essential to work on your statement of purpose for MBA, so is taking responsibility for your finances.

How then do you avoid going broke?

• Budgeting

If you want to reach financial freedom, you have to learn how to budget.Know how much and where all your income comes from. Whereas it may be difficult to estimate how much you would spend say on groceries in a month, you can set a figure of expected costs.

If it is difficult for you to keep track of all these, you can use the various personal finance management tools available. You will only realize the efficacy of a budget by sticking to it. So, do it.

• Make use of the services offered at the college

Trust me when I say this, you won’t realize the importance and value oft he free services that college life provides until you are through with it. Sign up for the college gym for your exercises. Use the college library and free Wifi for your needs, even if you are already working on your statement of purpose MBA.

Join clubs and societies that fascinate you. Save on costs and still enjoy your love for adventure by going on trips sponsored by the school.Attend events held in the school and partake of the refreshments offered.

• Student Discounts

When on a shopping errand, be on the lookout for student discounts. Most of the vendors and services provided around campus have this feature.Teach yourself how to get the best deal.

It could be where you shop for groceries or a bookstore. Wherever it is,take advantage of the student discount. There are so many benefits you can enjoy with your student ID. Don’t let it go to waste.

Smart Shopping for Text books

It is a cost that you cannot forgo but one that you can minimize on.Brand new textbooks are quite expensive, and you may only need to use it for one semester. Where possible, download your books online.

If you need to have a hard copy, pass by the used bookstores. Well, the books may be used, but they offer the same value, knowledge. Consider others options such as swapping, sharing, or renting.

Remember to schedule your homework and study time appropriately so that everyone can use the books when they need them.

Use your Credit Card Wisely

As you grow, so do your obligations. You won’t be in college forever.You better start working on your future right now. It is time to establish your credit. It will be useful when you start considering home ownership.

Refrain from charging all your expenses on the credit card. You will still have the enormous student loan to pay back, don’t add too much debt on yourself. Analyze all the credit card offers that come your way.

Choose one with the lowest interest rates.

Conclusion

It may seem like a walk in the park, i.e., life in college, but it isn’t. It is time to learn and adopt efficient management styles for your finances. Get to work on your MBA without worrying about money.

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