Financial Planning Tips for College Students

Want to know how you can develop good financial habits in your college years? It is an important skill every person should have. Especially college students.

This is a habit that will help you throughout your life, so it is best that you learn it at this crucial stage in your journey.

Here we will talk about financial planning tips for college students. Read on!

The Importance of Savings For a College Student

To be able to be a savvy saver, you need to understand why it’s important to save.So, before we get to the financial planning tips for college students, let’s talk about why you should do it while you are still in college.

• Your college years are the best time for exploration and growth. Particularly studying with Skills Academy. This is because Skills Academy is a distance learning college that allows you the financial freedom you need and also allows you to make your own choices around your study schedule. With us, you will learn to take responsibility for your future. Including your finances in the long run.

• Saving money will help you stay out of debt. As a college student, you tend to think you have all the time in the world to make loads of money. And, you probably do but it wouldn’t hurt to try and live a debt free life. College students often fall into debt traps that take their whole lives to get out of.

• Financial security. This goes without saying. This is always the core reason why people save. There is always going to be a need for money. Be it, travelling, emergencies, early retirement etc. Having financial security will give a peace of mind, no matter what may arise.

• It will help you build up a good credit score. Having a good credit score will make it easier for you to get loans, bonds. You’ll also be trusted by banks because it shows you are not a risk and can handle your finances!

Financial Planning Tips for College Students

With all that said, here are 4 financial planning tips for college students:

Create a Budget

You need to map out your spending, your sources of income and other financial aids if you have any. You may have taken up a bank loan to pay up your student fees. If you have, you need to plan how you are going to spend that money too. Some loans give a little extra than what your fees costs. So, knowing how you are going to spend it is important. However, remember to stick to the budget. Otherwise, it will be for nought.

Minimize Your Student Debt

As we have mentioned above, student loans usually give you more than what your fees cost. But, this is all dependent on you. You have the signing power. Do not be tempted by all that money you might receive. Borrow only what you need and find a job on the side to cover the rest of the things you may need.

If you’re wondering how, choose to study with Skill Academy. This is because studying with us will allow you to have and keep a fulltime job. You will be setting your own study hours and there will be no need to attend classes. And, should you finish your courses faster than the allocated time period, you stop paying. Isn’t that a great way to save?

Look out for Student Discounts

If you look around hard enough, you’ll find that almost every place offers student discounts. Most retail stores, book stores, travel agencies and other shopping places offer discounts to students. All you have to do is produce any proof that you are indeed a student. Click here for a list of places that offer student discounts in South Africa.

Save on Lunch Money

College students waste a lot of money during lunch breaks. If you enrol with Skills Academy, you will not have to fall for this trap. You will be at home, eating your home cooked meals and far away from any takeaway temptations. Worried you may crave company and companions to help you with your studies? Our online platform, Together We Pass, is made for that! You will have your own community of students and tutors, ready to walk this journey with you.

These are just a few of the many crucial financial planning tips for college students. Remember to stick to your budget and look at the bigger picture. If you keep all these in mind, you will have an easier, comfortable life post college!

Protect Your Future With Skills Academy. Contact us Now!

Did you find these financial planning tips for college students helpful? Then why don’t you contact us and speak with one of our friendly consultants? You can contact them by:

• Completing our online registration form
• Call us on our toll-free number at 0800 39 0027
• Message us on Whatsapp at 082 318 8892

Author: Ncebakazi Stoto

Last Updated: May 27, 2020