Though the “broke college kid” is a popular stereotype, there are plenty of ways to be smart about your finances while still a student – no matter your net worth.
We’ve pulled together a list of money moves to make while still in school. Take a look and see which ones you can start tackling now.
1. Start paying off your loans while you’re still in school.
Not only will starting payments early help you practice managing your debt, it will also help you pay down that debt sooner. Believe it or not, many loans accrue interest while you’re still enrolled as a student. It might not sound fun, but starting to tackle those loan payments while you’re still in school will help you save money in the long run. There are many benefits of in-school student loan payments.
2. Find a budget that works for you and your lifestyle.
We’ve talked about the importance of finding a budget that works for you. Start by setting one up for yourself based off of your expenses and savings goals, and don’t be afraid to revisit it should your situation change. For many, college is like a precursor to the real world, so use this time to get comfortable with setting – and sticking to – a budget.
3. Build up your savings account.
A solid savings account is one of the best financial assets someone can have – and you have to start somewhere! Set a savings goal for yourself and start putting away money as frequently as you can, even if it’s just a little bit at a time. When setting up a budget (like mentioned above), it’s important to work your savings goal right into it. This will help you grow accustomed to putting away money regularly.
4. Start pursuing a career in your desired field.
Internships are a great way to get your foot in the door and gain experience in your field of study before you even graduate. Though many internships are paid, even unpaid options help build up your resume and increase your chances of getting a job after college – talk about the ultimate #MoneyMove!
If you’re not sure where to begin, check out our 5 ways to find an internship for some guidance.
Is your industry of choice not one where internships are common? You still have plenty of options. Consider finding a mentor in your field, or look into shadowing opportunities.