Financial Tips for Students — Part 3

Today we continue discussing financial tips for Students and Young People. Previously we discussed Managing Your Money, and Organizing and Planning Your Finances. Today we discuss your Campus and Personal Lives.

As we mentioned in the previous series, as a student, you tend to feel you have “forever” to earn money, so you might as well spend what you make now – and you can always save later. For most of you, however, that is the wrong advice. In fact, the earlier you start out taking care of yourself financially, the much better off you will be. So let’s start with some lessons in money management for students and the recently graduated. Personal finance may seem complicated, but it can be easy, even if you’re just starting out. You just have to know how it works. All of the following are concepts I wish I had known before heading to college.

Life on Campus
When you are on campus, It seems that there are unlimited things competing for your money. It’s hard to decide where to spend and on what, and where to hold back. Here are some smart ways to save money on campus.

* Don’t hang out with big money spending set. Some students have parents with deep pockets. And others tend to spend non-stop living on credit. Trying to hang out with them and spend at their level is very dangerous to your financial health. So hang out at a student place, rather than be forced to pick up the tab for a $200 dinner because your friends had their parents credit cards. Hanging out with them can lead you to spend more than you can afford

* Buy Used NOT New Textbooks. Same thing, half the price. A few scratches… You get it. Hopefully you’re just going to sell it back to the bookstore or another student at the end of the semester. (This is the ultimate in recycling.)

* You Don’t Need A Car At School. Unless it is for a reason such as work (or your parents are paying for everything) having a car is expensive. Even if you have no car payments, just covering gas, maintenance, insurance, registration and parking add up to serious bucks for students. Have fun on campus. Use the buses or subways – and rent a car if you really need one for a longer journey.

* Look For Free Stuff On Campus. Take advantage what your school has to offer. At most schools there’s always something to do. The real problem is that there are too many great events and not enough time. And almost everything is free. Attend a free movie festivals, a lecture, or learn about something new. Pay a few bucks to see the local symphony every month. Support the sports teams. Get the most from your student status.

* Learn the Art of the Cheap Date

*Take advantage of mother nature – free outdoor activities, such as parks, boating, walking around a craft fair in the city

*Go for coffee

*Use online sites and the local entertainment paper to track down cheap food and activities. As your date is likely a student as well on a budget, impress her/him with your brain, wit and character. You don’t need to spend the big bucks

* Attend campus events

Stay Tuned for Part 4…

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