Going to college brings expenses other than tuition. Books, housing, and other expenses can add up quickly. In order to stay out of debt and on top of their finances, students should create a budget. Getting together with whoever will be helping you finance your education—whether that’s your parents or partner—is a great way to set your budget up for success.
If you are having a hard time managing your student loans, you should consider working with a skilled student loan lawyer. An experienced attorney can examine your personal finances and advise you on the best strategy for loan repayment. Here are some helpful budgeting tips for college students in Arizona.
Use a Budgeting App
College students have a lot on their plate. Between balancing coursework and extracurriculars with socializing, there’s no shortage of things students have to keep track of. To make sure your finances aren’t neglected, it’s a good idea to give your college budget some structure. Without an easy, user-friendly way to keep track of your monthly spending, you can find yourself going over-budget without even realizing it. Luckily, there are plenty of free budgeting apps that can help you easily keep track of your spending habits and highlight ways to increase savings.
Make Sure to Have a Cushion of Savings
You can budget all you want, but if you don’t have a financial cushion, you might be out of luck when unexpected expenses arise. If your car breaks down or you have an expensive medical bill, you might find yourself in debt unless you have the savings to pay for the associated costs. Therefore, creating a cushion of savings for yourself is an essential staple of a successful college budget.
If You Have Extra Money, Invest It
Technology has made a lot of personal finance management easy. If you have some extra money on hand (not including your financial cushion), it may be wise to invest it in the stock market. Apps like Acorns allow you to round up credit or debit card purchases to the next dollar and invest that spare change in stocks and bonds. This is an easy way to save money—plus, you’ll get to watch your money grow over time.
Make Use of Student Discounts
With your student ID, you can get some great discounts on clothes, gym memberships, and movie tickets. One great student discount to take advantage of is Amazon’s Prime Student account, which allows students to receive free shipping on eligible items, such as textbooks. There are so many great deals that students can take advantage of to lower their costs. Basically, no matter what you’re buying, always ask if there is a student discount.
Go to Free Events
Going to the bars every night can quickly start to add up. Luckily, most college towns are booming with free events that students can attend. Going to free events is a great way to save money while having a good time with friends and meeting new people.
Avoid Eating Out
Just like going out to bars can get expensive, so can eating out at restaurants. Trying to minimize the amount you eat out is an extremely effective way to save money. Not only is cooking at home cheaper, but it can be a fun way to socialize. Instead of going out to eat at your favorite restaurant, consider throwing a potluck with your friends and having a game night.
Get a Part-Time Job
Getting a part-time job while you’re in school is a great way to earn extra cash and stay within your budget. Not only will getting a part-time job help you to save money, but it will also give you work experience to put on your resume. Most colleges have an internal careers page specifically for students. If you can manage a job and your schoolwork, getting a part-time job is a good strategy for contributing to your budget.
Contact a Skilled Student Loan Lawyer for Help Managing Your Loans
Taking the steps to deal with your student loans can be overwhelming. However, getting on top of your loans in a timely manner is the best way to prevent going into default and damaging your credit score. If you are struggling to figure out the best repayment plan for your situation, work with a skilled student loan debt lawyer.
At McCarthy Law, our attorneys are dedicated to helping students navigate the complexities of the student loan system. Under our student loan debt settlement program, our licensed attorneys negotiate with lenders to reduce the interest rate and principal balance of your loans. At the end of a successful negotiation, our clients pay only a fraction of their original loan balance. To schedule a consultation with one of our skilled student loan settlement attorneys, call (855) 976-5777 or fill out our online contact form.