15 Effective Financial Tips For College Students

Are you also a college student who struggles to manage finances? Being a college student allows you to explore the unlimited opportunity for a bright future. However, it is the time when most of us struggle to manage your expenses within our pocket money.

It might not be the case for students from rich families because they have money and they can afford to buy whatever they want. But, let’s face it, not everyone is rich and cannot afford lavish college life. Most college students have to go for the student loan and repay with interest post-college life.

15 Effective Financial Tips For College Students

In this article, I will be listing the effective financial tips for college students. Not all college students make money, therefore, the financial tips mentioned in this post might not include tips that are relevant for working individuals.

15 Effective Financial Tips For College Students

First thing first, to manage your finance, you need to have some kind of earning source (other than your pocket money. :P) Therefore, let’s see, how can you make little money as a college student to unload the financial burden.

1. Take tuition classes

Tuition classes could be the best option for you to earn a few bucks to cover up your monthly expenses. You can check in your neighborhood or look for online opportunities for the same. You need to spend 2 – 3 hours teaching what you know already and make money out of it.

It is good for your personality development as it gives you the confidence and clears your facts. Many parents prefer private coaching for their kids and you could help them and yourself as well. However, you need to manage time for yourself as well and shouldn’t distract from your studies.

2. Look for the part-time jobs

Sometimes, it is not easy to get the tuition jobs easily therefore, you can look for light part-time jobs available near you. We often see students working in Cafeteria, Coffee Houses, or Stores to cover up their college expenses. You can also look for similar opportunities.

If you have a good looking personality then you can look for the opportunity in part-time modeling as well. You don’t need to work regularly in this case and still, you can make enough money to cover up your expenses.

You need to make sure that, you are eligible and allowed to work part-time as per the country’s regulation policies.

3. Do freelancing work

Do you have any hobbies like writing, video or audio editing, Photoshop, etc? There are a lot of freelancing opportunities available on online freelancing sites like Freelancer, Upwork, etc. You can get yourself register there and bid on the jobs available.

Look for the jobs that you can finish with quality to gain trust and build good ratings. This will help you to keep getting freelancing jobs from companies.

You can also utilize the YouTube opportunity and start making videos, writing educational blogs that could help other individuals. Utilize all possible opportunities to make little money but never lose focus from your academics.

Now, you know how can you make little money to cover up your college expenses or sometimes even more. Let’s see some financial tips to wisely utilize or invest the money you already have or earned.

4. Invest in getting practical knowledge

Theoretical knowledge was never enough to understand any subject fully. You should always invest in getting some practical knowledge. This will helps you to stay ahead of the class you are studying in.

You can enroll yourself for some certification related to your area of study and learn something extra that others are not focusing right now. This will not only help you in learning better but also help you in getting quality and high paying jobs as soon as you finish your college.

5. Invest in RD, Bonds or Funds

It is wise advice to invest a small portion of your money recurring deposits, bonds, or high-quality funds. You can continue to invest monthly from your earning or savings. This could be helpful for you in the future when you decide to go for further studies.

You need to follow this discipline because it is very hard to follow the financial discipline when we are in college but if you can do it, you will not regret it.

6. Plan for education loan repayment

Education loans might be easy to get but it could be very frustrating to repay in the future. A major portion of your earning will go towards the repayment of your student loan until you repay it fully.

Therefore, one should avoid taking student loans at the beginning but if you have already taken the student loan then, keep one portion of your savings or earning aside to repay it. If you can manage your finances as a college student, you can achieve the full repayment of your student loan once you complete your studies.

When you get debt you become a slave
Now, we know how can we invest our money wisely as a college student. However, only investing is not going to help, there are few things that you need to follow to manage your finances. Let’s go through the remaining financial tips for college students.

7. Cut your expenses on the party, movies or trips

I would not suggest to skip college parties, movies with friends, or some quality trips with friends or college mates. You should enjoy your college life but at the same time find effective ways to minimize the expenses or keep it low profile.

You can reduce the frequency or find deals or offers that could help to be on a win-win side. I have been college students and I know the values of those memorable moments with friends that never come back. Therefore, enjoy your college life but try cutting down your expenses on parties, movies or trips with your friends.

8. Avoid meaningless relationships

Stay focused on your goal and don’t fall into love affairs too early unless you see a long-term future with her or him. Unless you see the long term future, you are just wasting your time and money at this stage. People spend more money on this as compared to other means.

Falling into meaningless affairs in college life only diverts your attention from your goal and it doesn’t help you in achieving what you ever wanted. Therefore, set your priorities first and understand what you want. I know, it is very difficult to do it at college-age but believe me, it will help you in the future.

If you are not capable of being alone, your relationship is false. It is just a trick to avoid your loneliness, nothing else.

9. Borrow or Rent books

Buying new books every time could be very expensive therefore there is no harm in renting it. You can rent it from book stores and return once you are done studying. Alternatively, you can borrow it from your seniors or friends to save some bucks for you. You can also check in your college library if you can borrow books from there.

Some stores sell second-hand books at cheap prices, you can go for such options. These small-small steps will save you good money in your college life.

visit the library, borrow the beauty, keep the knowledge

10. Use public transport

Using public transport can save good money in the long run. Not only it helps you to save money, but it also reduces pollution. Public transport is very safe to travel around.

Owing a motorbike or car might look good but it comes with an overhead cost. You need to pay for regular maintenance, insurance, etc. Therefore, you should avoid owning a motorbike or a car in college. If you are living nearby to your college, go for a bicycle instead. It is environment-friendly, economical, and good for your health.

11. Be Healthy

Being healthy is very much required for your bright future. Being health is required for but not limited to;

  • Physical growth
  • Mental growth
  • Memory improvement
  • Good energy
  • Excellent immunity
  • Helps you to live longer

All these benefits will keep you stay focused and help you to achieve your goals. This will eliminate the medical cost in the future and also save money. Go for jogging, exercise at home, do yoga, and more to stay moving and state healthy.

You cannot buy your health, you must earn it through healthy living.

12. Look out for the students discount

We often see students discount on various items like computers, laptops, books, and accessories. You should look for such opportunities if you really need to but stuff. It doesn’t mean, you should buy stuff whenever there is students offer going on.

many times Apple launches student discounts on MacBook up to 10%, that’s a good option for you if you want to buy a MacBook or MacPc. Similarly, check the student’s discount on other stuff. You can search on the internet to find the right discount for you. But just because there is a discount for students, don’t buy stuff which you don’t need.

If you buy things you do not need, soon you will have to sell things you need. – Warren Buffet

13. Read about financial planning

This is something that you can do in your spare time. If you can spend a few hours a week reading about personal financial planning, you will never struggle to manage your finances. There are a lot of resources available on the internet and unlimited videos available on YouTube. You don’t need to spend a single penny to find the resources these days.

In college days, we get enough time to spend on ourselves. It is up to us, on how to utilize it. Learning will always pay off and it never gets wasted. Therefore, start learning about divestment in personal finance as early as possible to achieve your financial goals.

Financial Freedom is mental, emotional and a education process. – Robert Kiyosaki

It’s time for some serious financial tips for college students.

14. Show off not required

It is very common to see college students showing off their branded clothes, sunglasses, expensive cellphone, etc. But, is it worth doing when you aren’t even earning money yet? You are just wasting your money if you are running behind show off and the same money could be used for other important work.

  • You can make a call and user internet from a cheap cell phone, you don’t need a $1000 cell phone for that.
  • You can still buy the best quality backpack, glasses, or clothes from the local market, you don’t need a foreign or high profile brand.
  • You don’t necessarily require to update your electronic gadget.

Don’t be a fake person, nobody cares about the brand you are wearing. You shouldn’t spend too much on the branded stuff at least until you start earning money. Save money as much as possible in your college life to avoid any pressure.

Remember, the better you feel about yourself, the less you need to show off.

15. You don’t need to impress your friends

We often try to impress people in our friend circle in all possible ways like wearing branded clothes or sunglasses, showing the latest gadget, throwing birthday parties, going fancy restaurants for lunch or dinner. All these cost lots of money and importantly, it gets wasted.

If you have true friends, they will stay with you whether you spend money on them or not. Don’t try to impress the people whom you don’t even see once the college is over. Keep your friends circle small because the quantity is better than quality.

Keep your friend circle small.


Managing personal finance could be a challenge as a college student, but you should never give up quickly. There are many ways to earn money to cover up your college expenses but it is up to you, where you want to put your energy.

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These were the 15 effective financial tips for college students. Let me know your experience in college days. How did you manage your expenses? Are there any other important financial tips that a college student must know?

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Disclaimer – Information provided in this article is only for educational purposes and it shouldn’t be used as your basis of any investment.

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