It’s the start of a new semester (well, almost) and for most college students, that means saying goodbye to their personal finances (unless mommy and daddy are paying for everything, in which case feel free to close this blog and continue watching reruns of The Hills).
For many college-aged kids, being faced with the high cost of the college lifestyle all on their own, the simplest solution to their sudden seemingly huge and insurmountable funding problem is a small plastic card. Of course, many students who try out their brand new credit card at the college bookstore could end up relying a little too much on it and, come the end of their first month out on their own, find themselves up to their stunner shades in credit card debt. Just like a real grown-up.
Now, while those unfortunate students find themselves having to take remedial classes on credit card utilization, anyone who paid half as much attention to their spending habits as they did the cute brunette sitting in the row in front of them won’t feel the immediate need for debt relief. Don’t fret too much though, if you do find your credit card bill dwarfs every other invoice you get this month.
While you may have thought living on a strict budget of cash on the barrelhead was the only possible way to go (and an impossible path to tread at that, when you don’t really have any cash to speak of), there are ways to make it through college with your credit history intact. Here are a few tips to help you get started:
• Cut the spending. We’ll begin with the obvious step. If you want to save yourself some time and the hassle of fixing credit, you can start by cutting any and all unnecessary expenses. That means canceling the HD-DVR you ordered for your new digs and switching to store-brand cereal instead of the fancy stuff. I know that probably stings (how will you stay up to date on True Blood now?!), but this is the easiest and fastest way to save yourself some serious cash.
You can save even more by reevaluating your living situation. If school’s too far from home to make the commute, and all the dorm rooms are taken, gather some friends and consider renting a house. You’d be surprised how much money you’ll save on a house by cramming as many people as you can into it. Of course, that’ll likely cut down on study time quite a bit, but hey, that’s part of the college experience too.
• Screw the cards, switch to money orders! If you can’t trust yourself enough to take a credit card with you out shopping (and who honestly could at that tender age?) you can handle big expenses like rent, car, and tuition payments with a money order. You can find these for an extra dollar or two at most supermarkets or check-cashing places. These are a great way to pay the bills you absolutely need to pay and avoid having to pay more for it later.
• The kitchen: Your new 4-star restaurant. Get ready to switch from eating Panda Express to a ramen-only diet to save those duckets. If you’ve never cooked a day in your life, make the Food Network your new favorite channel and start building a menu of your own. Just don’t go too extravagant with the food items and cut back on the bags of junk food, and you’ll be able to keep your belly well-fed without breaking the bank.
• Everybody into the carpool. Finally, we come to the biggest financial strain on anyone’s – not just college students’ – budget: gas. If you’re living with a group of other students, you might suggest carpooling to school, assuming everyone’s class schedules are relatively close together. Switching driving duties between housemates every day can save all involved on trips to the gas station. Barring that, look into bus or train passes to save on gas money, or go full-on green and ride a bike to school every day. Not only will this cut down on gas entirely, but you’ll get a good workout in too, and who at that age doesn’t want to look as fit as possible?
Keep these tips in mind when the bills start to roll in and they seem a little too high for comfort
