The State of Student Financials:
When it comes to secondary education, college students have a lot to worry about when it comes to finances and money management.
It is the first time many students are living on their own or have responsibilities that require them to manage their money and their time.
Many of the students still need to depend on their parents to help support them through college for a variety of reasons. The students who do not rely on their parents, must often rely on loans that they receive from the government.
So with that in mind, and thinking of next academic year, here is some advice on how students can make managing their finances here at college easier.
Many students did not have classes in managing finances or even any that prepared them for responsibilities outside those of their academics.
For those students that have, hopefully this will serve as a small refresher. The main goal of discussing this is to have students interested in learning more about how to manage their finances.
Budgeting:
Most college students have heard that they should be budgeting and adjusting how much money they spend since before they even got to high school.
It remains to be one of the most important things a college student can do. Adulthood is full of surprises, and sometimes no matter how hard one plans for a possibility, there is always a chance that it won’t go to plan.
That doesn’t mean there shouldn’t still be a level of efficient preparation.
Planning out what you need during a specific time period is something that we all have to get accustomed to at a point in our adulthood.
A budget is more than useful, it can get pretty necessary, especially when you pay for your college education on your own. It prevents the unnecessary depletion of money, while still leaving room for fun with friends and family.
Budgeting begins with developing something called financial management discipline. It can be best defined as setting specific financial goals that you can track. Having this allows for a student to only use what it is they have separated for their bills.
When budgeting, one can choose to use Excel or similar programs, you may also simply write it down. The important part is having some physical explanation and indication of what you are saving for and how much.
Having the money you plan to use for bills stored in a savings account would be most optimal. This is especially true when saving for a bill that is more expensive. College payment plans are among these bills, since they are largely charged through auto pay. This means it is extremely important to make sure the exact amount of money is in the correct account.
A fixed deposit account is also something to look into. It allows a student who’s opened it to have a route towards their money over a period of time that can be set and agreed on with the student’s bank.
The biggest thing about budgeting is to have awareness in being able to afford both what students need and what they want. Budgeting is not meant to restrict, but to set priorities that make life easier.
Student Discounts!:
Discounts are notoriously difficult to find currently, unless you are a student. There are so many popular stores and applications that offer discounts to students.
Among them is Spotify, YouTube, and Amazon. These student discounts are vastly important for students. Spotify and YouTube for podcasts and videos for both studying and entertainment.
Amazon is especially important for students to purchase books that they may not be able to find in the library or bookstore.
A good app to consider using is called Student Beans. This app is full of different coupons and discounts for all kinds of websites. They have deals for every holiday, nearly every website any college student could ask for, and ever changing promotions for each location.
All it takes is a verification of a student email address, particularly their personal one. That way in case a student needs to transfer or goes onto graduate school elsewhere they will have access to all of the discounts that they are entitled to.
There are also local restaurants in the Carrollton area that offer discounts towards UWG students! Of the most notable is one of WOLF Radio’s own sponsors, Jefferson’s!
Financial Aid:
Financial Aid information for college students is the most important part of discussing finances in regards to college students. The FAFSA or Free Application for Student Aid form is extremely important to fill out every single year.
There have been rumors of trouble with Financial Aid when it comes to the Federal governmental level. However, it would be more optimal for students that have questions to contact both UWG’S financial aid department, as well as the Federal Student Aid website!
If students are claimed as dependents by their parents, they need to make sure that they have their parents’ tax information. Otherwise, make sure to fill out your taxes and correct your information for maximum aid!
Student loans can sound terrifying, especially for first time students. The best thing to remember is that it can be much less scary when one has all of the information they may need to even consider using loans as an option.
It is a decision that requires copious amounts of focus, maturity and support to make. So, when doing research, it is vital to remember that as students these are just choices.
Scholarships exist specifically for students who need them to be provided with money that they deserve for college. These scholarships can be based on sports, or academics, or really anything. There is quite literally a scholarship for anything one can think of.
It is important for students to apply to scholarships with their skill sets or ones that could even apply to them culturally. That way, they have their greatest chance at being able to obtain these opportunities.
Final Thoughts:
Managing finances as a student is not a linear path, just like college itself is not. With that being said, as a student it is important to hold pride within yourself for making it this far. There is a vast amount of opportunities that can work no matter the student. Best of luck with money management!
