money

Tips to Manage Money in College

Posted on by Julia Aldrich

College is not only the period in your life when you really need to learn how to manage time, but it’s also the period when you learn to manage money. When you’re coming straight from life at home, where you don’t have to pay rent, utilities, or for supplies and food (thanks mom and dad) and are shoved into self-dependency, times could feel rough. If you’re living off the check grandpa sent you last week, a meal plan (for the lucky ones), and your last paycheck from your summer job at the ice cream stand, breathe!

With my Kardashian-like spending habits except scaled down to Chipotle and Forever 21, I normally found myself just pennies away from over drafting. Don’t be freshman me! If you’re trying to effectively save cash and manage money, check out these tips I put together for you. By Christmas break, you’ll be rolling in the dough, or at least not crying to mom on the phone that you can’t even afford a 7/11 coffee.

Sell Your Clothes

manage money

Don’t lie to yourself, you’re never going to wear that sweater. And those clothes your mom got you for your birthday? The ones exactly the opposite of your style? Get rid of ‘em. Round up all of the clothes, shoes and accessories you don’t need and take them to your nearest thrift store or consignment store. Depending on the quality, brand and timeliness of what you’re selling, you could make a pretty good amount. Don’t have any good thrift stores or consignment stores near you? Sell them online or on your phone. Check out apps like Vinted and Poshmark which allow you to sell or even trade your things at a whatever price you want!

Save Your Change

manage money

It seems pretty intuitive to pay the amount owed with as much change as possible. Who likes lugging pennies around? For instance, if you owe $1.50, it seems easier to just pay that exactly, if you have change, than to pay $2.00 and get $0.50 back. Well, I’m here to tell you differently. Start saving by paying the amount in whole dollar bills and keeping your change. $0.75 here, $0.44 there, you’ll have a whole piggy bank full in no time! Take it to your bank or a Coinstar machine. Therefore, when you’re running low on cash and you need a bottle of vod… chocolate milk for the weekend, you’ll be set!

Use Money Apps

manage money

Due to some of us just swiping our credit cards and looking the other way, it’s easy to lose track of what you’re spending money on. Luckily, some people teamed up with some computer guys and created an app to make our lives a little easier. The app Mint is free to all. It allows you to connect your accounts to it, set budgets and then it tracks your spending. Other apps, like Acorns, help you learn how to invest your money. Sounds pretty grown up, no? In the end you’ll be more aware of your spending and learn better saving tactics. Yay!

Sell Your Books

manage money

Finally, the end of the semester is coming to a close sooner than we think. Unless you need to keep them, textbooks can easily be sold. Depending on the condition, original price and edition, you can sell your no longer needed books. The price is pretty good, too. eCampus.com and Knetbooks.com both have really easy to understand buyback options for books. No excuses!

Most of all, I hope these tips help you manage money during college! I know they have helped me over the years. Did we miss anything? Drop us a comment below!

How to Prepare to Study Abroad

Posted on by Samuel Farmer

Studying abroad can be one of the best times in a student’s life. It gives you an opportunity to explore new places, try new foods, and experience new cultures. Many people see study abroad courses as trans-formative experiences that change the way that you view the world. However, there is much to think about and plan before getting up and moving to a different country for a semester, a year, or any extended time. Here are four important things to do and figure out before going abroad.

Prepare Proper Identification

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When traveling to another country you will likely need a passport. If you do not already have one, obtaining one can be a semi long process. It is important to think ahead and get your passport sorted out before it is too late. It is important while overseas to keep your passport and identification stored in a safe place. Losing your ID or passport can create massive problems while abroad.

Sort Out Your Money

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You will likely need a different currency when traveling abroad. It is necessary to either change your currency to the local one, or to find a credit or debit card that works overseas and has minimal charges that you can use. Airports tend to be an expensive place to exchange currency so seek out alternative places such as some banks.

Phone Plans

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Figuring out a phone plan is important for study abroad programs, as using a domestic phone overseas can really run up your telephone bill. Different carriers have different options and it is important to look through each one and figure out which one is the most cost efficient and works the best for you.

Safety Protocol

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It is important to be safe overseas as you will be in a place that is unfamiliar to you and will likely not have as much family and friends nearby to lean on if you need help. It is important to create a safety plan to ensure that you will be safe and able to enjoy your study abroad to the fullest!

Comment below with your study abroad tips and experiences!

Making Smart Money Decisions

Posted on by Alexandria Ramos

It’s a well known fact that college students aren’t usually the most financially stable people around. Tuition is expensive and time is short for working full time. Put those two together and you’ve got a recipe for a ramen noodle budget. There are some things you can do to make sure you’re making the best financial decisions for yourself no matter how strapped for cash you may be.

1. Document expenses
Keep track of everything you spend money on, no matter how small the cost may seem. For example, if you spend $3 on coffee every week day, that adds up to $780 per year. Make sure you account for even the smallest expenses or you could come up short in your budget. Which brings me to my next point:

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2. Make a budget
And stick to it. That second part is the hardest but also the most important. Making a plan for your spending and accounting for every dollar is the best way to stay on top of your financing.

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3. Use loans and credit sparingly
Borrow the very minimum amount that you’ll need for school even though you may be offered a higher amount. Talk to your financial aid advisor when you receive your award letter to ask for a smaller amount. Only borrow what you need. Similarly, only use credit cards when you are sure you can pay off the balance at the end of the month. No one wants to graduate with a load of debt.