Managing money in college can be a pretty hard thing to do. Especially when you are living on a measly budget and trying to make ends meet. I know I struggle with this too.
All this coupled with the stress in school and trying to stay productive can trigger stress like nothing else. An estimate of 7 out of 10 students are stressed about money due to poor management.
But a solution is not far off, today, we expound famous quotes on money management and how to do it right like a pro.
So how will college students excel in managing money?
1) Earn Money, don’t beg.
“Never stand begging for that which you have the power to earn.”
Miguel de Cervantes
Financial freedom is like no other. Because what you have is yours and yours alone. Your blood and sweat. No one can take it away because you earned it. On the other hand, a giving hand can always pull away and you are left dangling on nothing.
- Always look for opportunities- They are there, for those who are actively seeking. Attend fairs, volunteer in organizations, apply for positions. You may do it a thousand and one times but at least you are seeking. And when the time is right, you shall earn.
- Offer Value- if you look close and hard enough, you will realize that those who make wealth are the ones that offer value such that they are indispensable. Look at the thought leaders in your career niche, or the companies that are making millions of profit. They offer indispensable value to others, and earn by way of it.
- Optimize your social media pages for business- What is that one thing you are really good at? Find out what, learn more about it and advertise your expertise on Social Media Pages. It’s a free method, easy and social proof/ reference will bring you more clients.
- Do your research- nothing sells like the original indisputable content, formula or a different method. People don’t want to rehash the already known content. They are hungry for something new. Something that works, something they can pay for.
Before managing money in college, you have to earn it.
2) Avoid Money mismanagement in college.
“Expect the best. Prepare for the worst. Capitalize on what comes.” – Zig Ziglar.
Earning Money is only the first step to many involved in managing money while in college. Mismanagement has brought even the richest people down on their knees. Here are some tips to keep you in the right track;
- Make a Budget- Every cent should be accounted for. Finance Experts recommend that you account for your spending and expenses to help you have a clearer vision of where you spend your money on.
- Separate your wants and needs- A new pair of shoes is something you need when your other pairs are worn out. A brand new designer pair of shoes is something you want but not necessarily need. I think we as college students make a lot of money mistake by not separating wants and needs. The Maslow Hierarchy of Needs is dope in helping you identify what matters most when budgeting.
- Abusing student Loans- These loans are meant for tuition fee, yet many end up using it for hobbies and budgets that will not make them profit. Sure, you can use a student loan to start a business if you’ve paid the fees upfront, but make sure to do your research. After all, every business should make a profit.
3) Saving Money Optimally
“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.”- T.T. Munger.
Saving is an art. A hard art that can be simplified. With the right decisions, research and will, you can be saving a pretty good amount of money. This are my favorite saving tips for college students;
- Buy in bulk. – This applies to every item in your shopping list. From personal items, foodstuff, stationery. When you do the math, you will find that you’ve saved quiet a lot by buying items in bulk.
- Cut the shopping costs- Do you really need it? If no, slash it off. It’s that simple.
- Actively look for discount offers, coupons and freebies-Service providers may not always state it upfront, but if you ask, you will be offered a discount.
- Buy Generic- Brand items are expensive. Buying generic items will perform the same function you were looking for and save you money while you’re at it.
4) Cheap Hobbies to save you Money.
“That man is richest whose pleasures are cheapest.”- Henry David Thoreau
When you make your own money, you also want to enjoy it. Albeit not expensively. David Thoreau sums it up in eight simple power words. If you want to grow your wealth, take up cheap hobbies that build you.
Cheap hobbies are not hard to come by, you could write, read, learn a new skill online, cook or do some restoration works for your house.
5) Get creative in making money
“You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.”- Maya Angelou
This goes back to offering value. But to get to that point of value, you have to be exceptionally good at it. Before this too, you have got to love what you’re doing if you are to learn the craft for a long time. The simple DIY crafts you do could turn into a business.
You can take up something like coding, Knitting, crocheting, painting, photography or a sport. You only have to learn the craft and become so good such that when people think of that certain thing, they think of you. It takes a lot of work, but the profit you gain is worth every effort.
6) Take a course in Personal Finance(Money management).
“Formal education will make you a living; self-education will make you a fortune.”- Jim Rohn
Look for knowledge. One thing I know is that it never looked for anybody. A course in personal finance will teach you the basics of budgeting, taxation and saving. It will open your eyes in areas where you can invest and where you can save more cash.
There are tons of online personal finance courses you can take to equip you with money management tips while in college.
7) Money never was and still isn’t everything.
“For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” – Timothy 6:10
This verse sums it all perfectly. Money is important but not more than the other things and people that bring you joy. Your family, your hobbies/passions and especially you as a person. Make money, enjoy your learning days but remember that money is not all there is to life.
“It doesn’t matter about money; having it, not having it. Or having clothes, or not having them. You’re still left alone with yourself in the end.”- Billy Idol
I would love to know which quotes/ tip makes sense to you most. And if I have left any life changing quote out, would you please let me know in the comments section?
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