When going to college for the first time, likely, you don’t have a good grasp on your finances at the moment. You may be earning money on the side, but with how important college is, it may seem like you’re forced to choose one or the other. However, that’s not true. Maintaining your finances can go from being difficult to becoming second nature once you get into the rhythm of it. In this post, we’ll be going over how young men can organize their finances while in college.
Open a Checking Account
Setting up a checking account is the first step when organizing your finances as a college student. A checking account is an account that allows you to make deposits, withdraw funds from ATMs, and pay bills electronically. But that’s just scratching the surface of what these accounts can do. Checking accounts come with several benefits that can help you stay on top of things, including:
- Letting you get your paycheck early
- Manage your funds through your smartphone via your bank’s app
- Allows you to transfer funds to and from accounts easily
- Open the account with a smaller amount
- Set up automatic payments for necessities
It’s important to remember that where you open your checking account may come with different benefits. Some banks may allow your account to accumulate interest, which can increase the amount of money you deposit. Make sure to ask the employee about their additional benefits.
Be Careful of the Loans You Take Out
There are many things that can throw your financial plan off track, but none can compare to paying off a loan. That’s not to say taking out a loan will financially ruin you. If anything, they’re made to help you build credit, which impacts how you can live. However, there are a few loans you should avoid entirely, like payday loans. A payday loan is a short-term, small-dollar loan meant to be paid back when you receive your next paycheck. At first glance, this sounds like a great way to get some fast cash and quickly build credit. However, payday loans are very expensive because of the interest rates and fees.
Student loans can also be a little difficult to manage when it comes to college, especially if you’re hoping to take your education to the next level. After all, student loans are notorious for taking a long time to pay back. So, it stands to reason that getting another loan isn’t a great idea. Fortunately, there are ways for you to get the education you’re looking for while saving money. A great way to do this is to refinance your student loans into a new one and look for personalized interest rates in one place. Refinancing your student loans can help you obtain the money needed for your new education while lowering how much you have to pay.
Refrain From Splurging Too Much
One of the reasons why a lot of college students, especially young males, don’t have a lot of savings at first is because of splurging. Take eating out, for example. The average amount college students spend on food is around $350. Although getting food from your favorite restaurant constantly is tempting, doing so can rack up the costs over time. If you want to make saving easier, it’s far more economical to go to the store and purchase ingredients for the month. Through this method, not only can you save money, but you’ll also be able to experiment with different dishes that are healthier than eating fast food. In addition, you’ll also hone your cooking skills along the way.
Look for Alternative Transportation Methods
Driving to school yourself can be considered more convenient than taking the bus. However, you also have to factor in the cost of gasoline. Gas prices are very unpredictable and can accumulate fast. You’re far better off purchasing a monthly pass or riding a bike to school to save money.
