Budget Saving Tips for College Students

College students are often confronted with the challenge of financial management.  Many students graduate with huge debts to pay even before they get hired for their first job.  If you are in college, consider the following tips on how you can save money and avoid debt.

budget saving tipsUse your student loan wisely.

If you have obtained student loans to finance your education, see to it that you use the money exclusively for school expenses.

Consolidate your student loans.

If you have acquired more than one student loan, you should consider consolidation. Merging your student loan debts into a single account is a great way to reduce your monthly loan payment since you only pay one rate of interest.

Build credit history early.

Building a solid credit history while in college is a good way to prepare for the future.  An excellent credit rating will allow you to access better loan deals when you decide to apply for future financing, such as for a car loan or personal loan. An impressive credit history will also give you an advantage when applying for a job because some companies conduct pre-employment credit checks to evaluate potential candidates.

Apply for a low rate credit card.  

A student credit card can be used as tool for building credit history while in college.  However, a student must exercise discipline when using the card.  See to it that you will not use your account on unplanned expenses or purchases that you can pay in cash.  Use your student credit card for important expenses, and make sure that you can submit your full payment on time.

Use coupons to make purchases.

Mothers are not the only ones who should be smart when shopping.  As a student, you should learn how to make smart purchases to stay within your budget.  One way to save money is to look for coupons online before purchasing an item you need to buy.

Don’t bring your credit card on night outs.

If you are going to a party or a night out with your friends, it’s best not to bring your credit card so you can avoid the temptation to splurge.  Before charging anything to your credit card, seriously consider if you can afford to pay your charges without getting yourself in trouble.

Go for budget-friendly entertainment.

Leisurely activities do not need to be expensive.  You can still have fun with your friends without breaking your budget.

Do not buy things that you don’t need.

Some people are tempted to buy an item on sale just to buy at a cheaper price.  However, before you take that 50% discount, seriously consider if you need to buy the item and if you will be actually be using it.  If not, then don’t take advantage of the sale price.

Take advantage of your privileges as student.

Many colleges and universities offer discounts and free services for students.  For example, you can borrow movies and books from the library and use the internet at no charge.  Instead of spending money on everything, get to know your privileges as a student and make the most out of them.

[RELATED ARTICLE: Back-to-School Reminders for Consumers]

About the Author
Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of http://www.newhorizon.org such as their continuous effort in giving out Free Credit Repair and Building Ebook. NHBS also has a list of recommended Student Credit Cards




We are continuously giving out information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 14+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.
Our Score

Diclosure: If we like a product and that product has an affiliate program, then we will link to that product using an affiliate link. Using an affiliate link means that, at zero cost to you, We might earn a commission on a product if you buy something through our affiliate link.

Disclaimer: Information in these articles is brought to you by www.newhorizon.org. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

4 comments on “Budget Saving Tips for College Students

  1. I can’t stress this enough, don’t buy things you don’t need. Seriously, so many college students these days buy so much stuff that when they end up finishing college they’ll have a room full of unimportant items they wasted their money on. Save that money so you can pay for bills and all kinds of other such things.

  2. The big thing I did with my student loan is that when I had some money left over I spent it on stuff I really didn’t need, as in clothes, a new phone and other such things. Which is a really dumb thing to do when I needed more money for books and supplies for school. So it was a dumb idea on my part.

    1. Sometimes we are overwhelmed of the extra cash in our pocket and we forget the future and more important things. The important thing is that we learned from our mistakes. Hope this article helps you 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *