Cultivating and owning up to the 10 healthy financial habits for college students to adopt is a step forward to securing some of the brightest financial future for yourself. Just as it is said that Rome was not built in a day, whatever you become today is an evident result of the sacrifice and efforts you did/put into work yesterday. It is thus essential that, for tomorrow to be a lot better than today, you start putting on some positive vibes and character which can position you in the right frame in the future.
A student today becomes a bonafide member of the working class of the society tomorrow. Hence, the subject of money deserves to be looked into with rapt attention and caution.
In the light of this, you must understand that money or wealth is a state of mind which requires much discipline than just the studies you think you are solely in the school for. The school as a matter of fact is not merely an institution of some categorical kind. It is an institution of learning which means you are there particularly to accumulate knowledge, lessons, ideas, and useful data which will prove useful for your tomorrow – somewhere outside the fences of your years in school. So, having a positive state of mind towards the subject or matters of money is dependent on whether you will be rich and be financially robust as you have dreamt.
If you refuse to start being careful with the manner in which you disburse or spend your pocket money, it means you are, by yourself, digging the grave of the possibility of getting rich in the next decade. Your purchasing habits, attitude to money, saving culture, and objectives with money must be taken care of in such a way that money and the way it is handle effectively becomes your reason for good and sound health.
The question is what are your plans? Are you ready to learn some certain tips and facts that will help put you in the right shoes when it comes to the way you manage or redirect money. Well, the positivity of your answer will explain the importance and usefulness of this article to you.
10 Healthy Financial Habits for College Students to Adopt
Here are prepared answers to your question which is about how to curtail your excesses in relation to finances, employ effective financial principles to guide your behaviour, and help in managing your growing fortune as a student. Pay attention to these 10 healthy financial habits for college students to adopt:
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Automate Bills and Savings
Adulting can be hard, and setting aside money or remembering to pay bills is even harder. Try an app on your phone, tablet, or even on paper, to create a holistic digital budget.
Automating your savings and bills can make everything seem more manageable. For example, you can set up direct deposit with as little as $20 from your checking account to your savings account each month.
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Choose Walking to Class or Taking Cheapest Transport
Using public transport or walking instead of taking a taxi or driving as a university or college student can save you a lot of money. If you have to commute regularly, consider getting a monthly pass, as it’s often cheaper than paying for each trip individually.
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Loan Payoff Plan
Going by research, almost every student from indigent homes currently has student debt. Once you finish school and the grace period is up, you’ll have to start making student loan payments. It may seem jarring to go from paying nothing to paying several hundred dollars a month. If you look at your total projected debt, repayment plans, and interest, you can create a long-term debt payoff plan that puts you in a good place after you graduate.
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Refinance Your Loans
Be sure to also look into refinancing your loan, making payments while you’re still in school, signing up for autopay for a discount, or even looking for a company for your first job that pays off some of your debt upon signing an employment agreement. Never take more loans than you need.
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Have Your Budget
Having a budget is a good step in managing your money effectively. Start by tracking your income and expenses for a month, and then categorize your expenses into fixed such as rent, tuition, and bills, and other variable like groceries, entertainment, and clothes expenses. Once you have a clear picture of your finances, set a budget for each category and stick to it.
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Prepare Your Own Food
Eating out can quickly add up, especially if you do it regularly. Instead, try to cook your meals as often as possible. Not only is it cheaper, but it’s also healthier. Plan your meals in advance, buy groceries in bulk, and prepare meals in batches to save time and money.
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Get Secondhand Books or Have Your Seniors Give You
Textbooks can be expensive, but you don’t always need to buy new ones. Look for used textbooks online or in second-hand bookstores. You can also rent textbooks or borrow them from the library.
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Live With a Friend if Possible or ‘Squat’
In school, living with a couple of friends or squatting with them where possible can be another way to make sure you save yourself the stress of spending too much. This might appear like a dirty or a self-downgrading habit, but I assure you that that thought is a matter of perspective and it is wrong, absolutely.
There is nothing wrong in sharing room with a mate or friend in order to help you lead a financially secure life.
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Shared Meal Plan
If you’re living in a dorm or apartment with other students, consider joining a shared meal plan. This can be a great way to save money on food and also get to know your fellow students. You can take turns cooking and shopping for groceries, or even split the cost of a meal delivery service.
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Automate Your Credit Card
You can also automate recurring bills like credit cards to at least pay the minimum each month. Just keep tabs on your finances so you don’t overdraft your account.
