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Money Tips College Freshmen Should Know

Money Tips College Freshmen Should Know

Take note of some of these tips, as some of them will serve you well later in life too. Money tips are needed in college because students have severely limited funds, but many of the tips can also be used as you get older.

Share car journeys, especially to the store

This is a tip that will save you money in the long run. When your student friends are going to the grocery store, share a car ride, with each person chipping in for gas. The more people that go, then the more economical the journey becomes—meaning that all of the students save money.

Keep your money in the bank

Money is safer in a bank than in your shared housing or dorm. Theft is a problem everywhere, and not just in colleges and in dorms. Criminal sorts are attracted to colleges and college dorms, where trusting or drunk students are ripe for the robbing. They will take anything from your car keys and laptop, to the loose change you threw on your desk. If you live with other students or share a dorm, then your housemates/roommate’s next lover may be a criminal on the job.

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Having money means not spending

How rich a person becomes has less to do with how much they earn and more to do with how much they save. The reasoning behind this could fill a best UK essay. Suffice it to say that the money rich people have is through the money they have not spent, and yet your mind has been conditioned to spend, spend, spend. Test yourself and your friends to see how conditioned they are. Ask them, if you won $20,000 tomorrow, what would you do with it? If they do not say, “save it” or “put it in the bank”, then they are conditioned to spend.

As soon as most people get any money, they instantly start deciding how to get rid of it (spend it). And, the chances are that most of your friends would start listing off the ways they would get rid of their money as quickly as they got it.

Snack if you must, but snack cheaply

Convenience food is the enemy of the student. If you want to save money, then get into the habit of having three meals per day and no more. Make sure that they are substantial meals that fill you up so you won’t be tempted to snack during the day, which is going to cost you money.

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Don’t sell anything

This tip is short because it needs to be remembered. Students will often sell their items to fellow students on eBay and Amazon, and they think that they are being shrewd, in fact they do not realize they are losing money.

If you were to write an essay on economics, you may first take note of assets. Each item you own is an asset and has its place in saving you money. You may think that selling twenty of your DVDs may bring in some quick cash, however over the next year you are going to become bored. And, one of those DVDs may have helped stop you running out and buying other DVDs, or console games, or may have provided you and your partner with a cheap night in, instead of an expensive night out.

Only sell items if you are sure you can make a lot more than they are worth, and then repurchase them cheaply so that you may keep the profit.

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Keep your car well maintained

A lack of oil is the difference between yearly maintenance and having to buy a new car. The air in your tire will dictate how much fuel your car uses. Having your boot or car filled with items you do not need will cost you money in fuel. In Britain, a study proved that simply having a moustache will cost you $15 per year (based on the extra weight, and adjusted for current fuel prices).

Learn how to swap and borrow

Do it with people that you trust. The worst thing you can do is lend to a person who purposefully, or accidentally, forgets you have leant them something. Swapping console games and DVDs is a great way of saving money. As is lending and borrowing things such as video camera, professional cameras, cars and even space in a freezer.

Energy creation devices are too expensive

A solar-powered mobile phone battery charger may seem like a wise investment, but it is not. The cheap Chinese-made ones are only trickle chargers to keep the battery topped up (read the small print on the instructions). Any device that will charge your phone battery from dead, and then stop charging when it is full, is going to cost you a lot of money. Similar devices are equally as ineffective, such as phone and laptop chargers that use kinetic energy.

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Gather in groups

You will find that you do not need the pubs, cinemas, or other entertainment facilities if you gather in groups of friends. Many happy hours may be spent on the grass watching your team or just having a chat with friends. Many groups of happy teens have spent hours having a Jackass movie marathon and maybe having a drink every time the little fella comes on screen (he is the only reason those movies are watchable).

I hope these tips will be useful for you and you’ll be able to save some cash and learn how to spend your money and time wisely.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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