Welcome back for Part 2 of our money tips for college students 2 Part blog series. If you’re just joining us welcome and if you are returning for more after having read Part 1 welcome back. We have quite a bit more excellent financial advice for you today so let’s jump right in and get started shall we? Enjoy.
While these first few tips may not exactly save you money right away they are certainly worth keeping in mind because they will definitely save you money in the future. One of the first is that you should, at least for the most part, take good care of your health. Yes, we know that college includes frat parties and keggers but that should (hopefully) only occupy about 2% of your time. The rest of the time you should definitely make sure to eat right, brush your teeth and otherwise take care of your body because you’re going to need it for the next 50, 60 or 70 years. (The way science is going maybe even longer.)
Another way to save money is to go to class. Sorry to sound like your parents but, quite frankly, you’re at college to learn and if you skip class too often you’re going to fail classes which is going to cost you money when you inevitably have to retake those same classes a second time. Remember, it’s only in the movies that failing classes and public drunkenness are funny.
Speaking of drunkenness, you’d do well to at least limit the amount of beer, cigarettes and other, ahem, things that cost you money because, quite frankly, vice fueling stuff like this is quite expensive. We have no problem with going out once a week and having a good time and drinking a couple of beers with the gang (and whatever else you might want to indulge in) but if you overdo it you’re going to waste money and waste yourself.
When it comes to buying stuff a question that you should definitely ask yourself, especially if were talking about something that costs more than a couple of dollars, is simply; do I need this? If you think you do that’s fine but we suggest that you hold off on impulse buying and wait a week or two. If, at the end of that time period, you decide that you still need it then go ahead and make your purchase. Truth be told, in many cases you will probably change your mind and in some you might even forget about the purchase completely, a sure sign that you didn’t need it to begin with.
A good bit of advice and something that we would advise any adult to do whether in college or long since finished is to spend less than you earn. Sure, in college you are not making very much but if you can still manage to spend less than you earn you’re going to create a financial habit that will serve you well, well into adulthood. People that spend less than they earn are the same people that, generally speaking, are the most successful at saving for retirement and other important future costs.
If you can do it, starting your own business while you’re in college can be an excellent way to not only make a few extra bucks but to get an idea of what it takes to, well, start your own business. For example, if you have access to a small truck and a couple of your frat buddies you can help people move from one apartment to another. Are you great at making PowerPoint presentations? There is a huge
need for those by other students so why not set up a small side business making them? You can do the same with computers, car repairs and many other services and, if you are any good, word will spread and you may actually graduate college with a business already up and running. That would certainly put you ahead of the crowd don’t you agree?
While you’re in the learning mode you may also consider learning how to invest. Discount brokers like Sharebuilder are an excellent choice and for very small investments you can start learning how to trade. In 10 years you will definitely look back and thank yourself for taking the time to do it.
That wraps it up for this 2-Part class on money tips for college students. We hope you enjoyed both parts and that, when you have a break between classes, you come back to join us again. See you then.