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And seven things I’d do differently if I was back in college.
12 Things
If you’re struggling with money and you’re in college, or you’re broke, I have a few tips you can implement:
Thing 1
Do 12 hour semesters instead of 15-hour ones, or balance your classes to where they aren’t as intensive, so you can work full-time to bring in income and pay for school without going into debt.
Thing 2
If you have student loans, start paying them down now. The sooner you start paying your student loans, the sooner they will be paid. Set up automatic payments, and pay a little more than the minimum payment.
Thing 3
Don’t open credit card accounts if you have issues spending money. Use cash only if your financial habits are sketchy. Credit cards can be dangerous in college. I’ve seen the tables set up around campus to get students to sign up. Tragic.
Thing 4
Eat out less, and buy groceries. Even if they cost the same amount, the groceries will last you longer, which means you’ll save money. In college, every dollar counts.
Thing 5
Watch the extracurricular activities (e.g., drinking, partying, and other entertainment). If someone else isn’t paying, that means you’re left with the bill. When you consistently go out, your cash flow decreases.
Thing 6
Invest $100 a month. It might seem like a lot, but it will be worth more years down the line when you’re bestowing yourself with gratitude.
Thing 7
Get scholarships. If you didn’t get awarded any scholarships before starting the semester, it doesn’t mean you can’t still get some extra funding. I applied for scholarships during the semester and came into some extra money. Don’t stop applying to scholarships when you’re in school or on school break; keep applying. Eventually, you’ll get accepted, and that extra money will take a financial load off your back and help you avoid the trap of student debt.
Thing 8
Maintain a budget. It’s not fun, but it will keep you on a solid financial track. Not to mention, what a perfect time to learn the enriching habit of budgeting – something that will take you far in life.
Thing 9
Spend less than you bring in. When you have a budget, you will have a clear radar of what is coming in and going out. Now you know what you can spend and what is overspending.
Thing 10
College doesn’t teach you about personal finance – at least not when I attended. Invest in financial education now to improve your financial outlook exponentially. What you learn now will affect you in the future.
Thing 11
Don’t follow the crowd. At school, it’s about fads. Be an outlier. Don’t overinvest in clothing, shoes, accessories, technology, and any other superfluous materialistic things. Invest in your financial future by investing, self-education, cultivating relationships with other like-minded people, attaining financial mentors, and spending less than you bring in.
Thing 12
Establish an emergency fund. I doubt most college students have an emergency fund. The emergency fund often comes in student loans, parents, or credit cards for students. But for you, it can be actual cash. Determine your expenses for the month, and put aside money each week or month to build out a 3–6 month emergency fund. Now that’s outlier-college-student material right there.
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7 Things I’d do differently if I was back in college
I’m satisfied with what I accomplished during college. Do I believe firmly in the idea you need to go to college? Definitely not. But if you do go, you might as well make the most of it. Here are 7 things I would do differently if I went back to college:
Work full-time
Write more
Invest more
Take out fewer student loans
Get a fourth degree; if I’m already there, why not?
Go home less frequently and focus on meeting new people
Do more study abroad programs
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.