Do you want to have time and money to spend? So the ideas you are about to read in the following paragraphs may shake your inner reality. Although I’m writing this for college students, it doesn’t mean the principles don’t apply to young adults or the young at heart.

As you walk through the Top 10 Money Management Tips for College Students, I encourage you to spend 3-5 minutes or so jotting down on a piece of paper ideas that you can apply to your own situations. These tips are useless unless you act on them. ACT, okay?

Did you know? The main difference between rich and poor lies in the way they view money. The rich think that the older you are, the more money you will have; the poor think that the older you are, the less money you will have. The rich know that the younger you start managing your money, the more time and money you will have at your disposal.

What if I tell you that most of the college students I know are, by my definition, poor? Not only that, most of them have a negative net worth. In other words, if you pass them money to handle, is the money coming out of their pocket more than the money coming into their pocket? How can that be possible? Oh, it is possible and it is very common, and I will explain to you shortly how it can happen.

Introducing Joe. Let’s say Joe (it’s just a random name for illustrative purposes), is an average 18 year old in his town. He studies at a local university and, like any of his classmates, he likes to hang out with friends. His usual activities include watching movies once or twice a month, eating at fast food restaurants about three times a week, and other forms of entertainment, etc. Now, his family is generally doing well, in the middle income category of his country. His monthly allowance is $500, he earns around $200 giving tuition. The fact is that each time, at the end of the month, he finds himself with little money. Sometimes, he even has to ask his mother for more money to cover his expenses.

Does this situation look familiar to you?

When I was that age, I often feel like I don’t have enough to spend no matter how much more money I have. I always had the need to buy the latest gadgets, change a new mobile phone, watch movies late at night and take a taxi home because I felt too tired after a long day of activities.

Familiar?

Looking back, I realized that I could still do those activities if I could manage my time and money better. I can hang out with friends doing what I like without spending a lot. If your friends only hang around you because you spend money with or on them, you may want to reconsider whether they are your real friends.

I don’t advocate being cheap; I advocate being frugal and smart with money. Without any major sequence, these are my top 10 money management tips for college students:

1. Bring a bottle of water

If you spend about $2 a day for drinks, carrying a bottle of water will save you $56 in 4 weeks, or $728 a year. This is simply because you won’t have to spend that money and you can still quench your thirst.

2. Keep some cash in different compartments of your wallet

Have you ever found some extra money in your wallet? Were you happy to find them “out of the blue”? I know I did. By doing this, I trick my mind into thinking that I have less cash available to spend, so I won’t spend unnecessarily. This is especially useful in times of “emergency”.

3. Carry less cash; withdraw enough money from your bank

The concept is similar to point 2. The idea is to have less cash. When you open your wallet and find you only have $5 in it, you’ll probably be less likely to spend it. Of course, if you need to spend it, you’ll have to withdraw money from your ATM card. This gives you more time to think about whether you need to spend that money.

4. Track your cash flow

About 95% of my classmates, by college time, don’t know where their money comes from and where it goes. They have little to no idea that they spend an obscene percentage of their money on entertainment, food, transportation, and clothing. I challenge you to track your money coming in and going out for three full months. You will know what I mean. I use an iPhone app to help me do it. It’s Expense. You can also use any other similar app to help you.

5. Save before spending

This is essentially the “pay yourself first” principle. This forces you to treat savings as an expense. This way, your habit will be earn-save-spend, instead of earn-spend-save. This habit will have a big impact on how rich you will be in the future. -winks-

6. Go home early

Go home early. I’m not saying staying up late is bad. I’m saying that staying up late is expensive. Imagine taking transportation home with charges at night. The more you do this, the faster your money will run out. If you have your “own” car, you should know that fuel also requires money. Who pays that money? You can always go out with your friends during the day and go home before the nightly charges begin.

7. Pay with your credit/debit card

By using your credit or debit card, you can keep track of your expenses for the month in one record. This will help you get a better idea of ​​how you spend your money, that is, your spending pattern.

8. Always pay your credit accounts on time

If you keep a credit card, you should know that an average interest rate is 20% of your credit bills if you don’t pay. For example, if you spend $100 on credit and don’t make your payment at the end of the month, you’ll pay an additional $20 on top of your $100. This is not worth it. Pay on time, at the end of the month. Avoid the retarded nightmare.

9. Be responsible

This is the easiest and the most difficult to do. Be responsible for how you spend your money. Talk to someone you can trust. It’s even better if that person is more experienced in smart money management. They don’t have to be your parents. If you really couldn’t find anyone, you can write down your thoughts on how you spend your money each month. In this way, you will be more aware of your money management.

10. Take charge of your financial education

If you don’t control your money, someone else will control your money. Financial education is by far the best financial investment anyone can have. It is relatively cheap. You can grab a book to read and learn. You can attend seminars. You can talk to people who are more knowledgeable than you are on a certain money topic. Keep learning.

There you have it, these are my top 10 money management tips for college students. I hope you had a good read. Feel free to contact me to connect with me. Finally, please share this article if you find it useful. I didn’t include this in the 10 tips, but one more money management tip is to GIVE. Be generous; Share the love.