By Lauren Bernardo
This is a list of financial tips that I choose to follow and I hope you will think about them. This isn’t an exhaustive list of financial tips and it’s not something that you need to swear by. But it’s a list that is meant to make you think. Am I making the right choices with my money? Am I prepared for all the expenses of the school year?
- Be conscious of the debt you have. Keep track of your student loans, lines of credit and credit card bills.
- Always save. Keep money stockpiled in case of an emergency.
- Coffee and food purchases at the school cafeteria pile up.
- Keep track of what you’re spending. The more conscious you are of your spending habits, the more likely you are to fix them and try and spend less.
- Make expenses aside from tuition as low as possible. That includes rent, cable/internet, food, “entertainment”.
- Spend cash when you can. Take out what you need and don’t bring your debit card along. Debit cards make spending much easier, only when you check your statements do you actually realize how much you spent. It tends to pile up pretty quickly. So, try to avoid starting a bar tab when you go out.
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Find ways to get rewards for purchases. i.e. Air Miles Mastercards, PC point Debit Cards (for groceries), etc. These can add up to extra benefits and save you some cash. Why not get benefits from the purchases you already make?
- Always pay off your credit card balance in full! Not just the minimum payment. You probably have student debt, try not to add any further debt on top of that.
- Come up with a student loan repayment plan. How much do you already owe? What do you estimate you will owe by the end of school?
- Set your educational and career goals. Do you want to travel? Can you afford to go to grad school right away?
- Never buy if you don’t have to. Borrow from friends. Sharing is caring. This is always good when it comes to textbooks and, unfortunately, very large investments unless you put the effort in.
