College means independence and it is what you wanted since you were a child. Independence means living at your own pocket and one of the biggest steps in leading towards an independent life is financial independence. We all know that Money is necessary to live and live well in our society and this article will teach you how to manage your finances for your College life.

Sasha Jacob and his financial advisory firm Jacob Capital Management Inc. believe that proper money management will let you live comfortably while saving a significant amount of cash. He is also a global leader and a renowned financial advisor. As a college Student, you must learn how to study and attend classes as well as networking and maintaining finances too.

Money management tips for college students by Sasha Jacob

1. Earn money

You can work your way through college by getting part-time jobs. You can appreciate money more when you earn it yourself. Whether you want a social life, you can get money through part-time jobs and not on student loans. You can also teach yourself to have a pay now policy for the nonessential purchases so that you don’t need pay for them later.

2. Determine what is essential and nonessential

Restrict yourself to spending on items that are only essential until you are accustomed to living off of your budget. Essential items include products that you need for everyday living like food, hygienic products, and clothing. Non-essential items are basically things that you want but you don’t need for everyday living like a trip to the movies, electronic gadgets or another pair of sneakers.

3. Share expenses with a roommate

Another great way of reducing your cost while living at college is to share expenses with your roommate. For students living in a dorm, you can expect to live close quarters with another student and many expenses can be shared between roommates such as furnishings and groceries.

4. Take care with credit cards

There are credit card companies that often lure students with their college-centric offers like the promise of free concert tickets or free college swag. Sasha Jacob financial advisory firm recommends that never sign up a student credit card on a whim. Think about the pros and cons of different cards, set a reasonably low spending limit and look for cards with points or cash back rewards.  

5. Watch out for impulse spending

It can be very tempting to spend your money on things that you want but don’t really need. Restrain yourself from spending because you can still use your money for more important things such as school supplies, clothing, and textbooks. Watch your spending and use it for things that are essential to everyday living.

6. Save and create a budget

A budget becomes crucial once you move away for college. Learn to map out various streams of income which includes the money that you provided yourself, income from a job, and money coming from student loans, grants and other types of financial aid. You can also categorize your expenses so that you will know where is it going. You can also find a used bookstore to save on college supplies. List how much you will spend on food, monthly bills, school expenses, and transportation.

7. Start an emergency fund

Once budgeting and savings account has started, it is a good thing that you have a little bit of cash in the bank in case of an emergency. These could come in handy for an unexpected fee in a particular class or for the unexpected expenses that are sure to come up.

Money management doesn’t come easy especially if you are a college student where there is a stream of financial needs. But college is an exciting journey towards the completion of your dreams. Ask Sasha Jacob Capital Management Inc for more significant and helpful ways of managing your finances well.