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How to Make and Manage Money: Tips for College Students

How to Make and Manage Money: Tips for College Students

 As much as education is the top priority while a student is in college, the role of money cannot be over emphasized. And so, money-making tips for college students are worth looking into.

It’s the basic requirement for the studies to take place efficiently and for the student functions to flow smoothly. It becomes necessary therefore to ensure that monetary concerns are not allowed to get in the way of studies.

Even with the diversity of colleges and of students too, the constant shortage of money is common to all. Care packages from home can only last so long and the bank balance keeps growing smaller and smaller.

There are various sources of money for a college student. It could be from parents or sponsors, student loans, from a student’s earnings or any other source. But regardless of where it’s coming from, the need to manage it properly is not in question.

This can be achieved by acquiring the right making the right decisions.

Money Making Tips for College Students

Rising tuition fees and high living costs on or off campus make it necessary for students to seek ways of making an extra buck to supplement what they have. Ways in which they do this include;

  • Getting a campus job. Jobs on campus are competitive and to get them you will have to be aggressive.
  • Working part-time when not in class. Persistence and continuous sending of applications will give you a higher chance of landing one of these.
  • Looking for an internship opportunity at a company or organization.
  • Working on weekends
  • Working seasonally like on Christmas breaks
  • Selling stuff online
  • Participating in research studies
  • Buying things and selling them at a profit


However, there are other less competitive money-making tips for college students, which may not pay much but will be available at every turn. These are, but not confined to;

  • Making yourself available for trouble shooting computer issues in exchange for a few bucks.
  • Donating plasma for a couple of a hundred dollars a month.
  • Soliciting lazy students to help with their research, proof reading and editing.
  • Doing odd jobs for people, those annoying tasks they don’t want to do like walking dogs and cleaning houses.
  • Yard work which could include mowing lawns, weed whacking and watering plants and flowers.


Having money from any of the sources listed above, as a college student you will need to set personal limits on your spending. This will ensure that the most essential needs are given preference while the least useful are put at the tail end of the to-do list.

Money Management Tips for College Students

These money management tips for college students can help check over spending:

(a) Keep an updated record of your spending in order to track down unnecessary expenses. Drawing up a budget would be essential to show where the money is leaking and to help in prioritizing.

(b) Ensure that you pay your bills on time to avoid penalties on late payments.

(c) Work out the most cost-effective meal plan. As much as possible attend college events where meals are on offer. Promo companies often hand out goodies on campus. Be on the lookout.

(d) Avoid impulse buying. Before buying anything ask yourself whether you really need it at that point in time. If you are susceptible to this habit, develop some tactics to get off it especially if it involves expensive purchases.

(e) Only buy books when the syllabus demands it. You could also buy used books at a cheaper price, and sell the ones that you no longer need. Borrowing a book is no crime either.

(f) As much as possible avoid using your car for distances where you can walk. This will greatly save on gas.

(g) Before purchasing anything, find out if there is a student discount in order to make a saving. This can also apply when buying tickets to a movie.

(h) Do not gamble your money away. This is to avoid accruing unmanageable debts which can lead to psychological difficulties and failing grades.

(i) Limit the number of times you eat out or go out clubbing. Avoid alcoholic drinks as this will impact your food budget.

(j) Use an inexpensive or free internet for phone calling services.

(k) Never spend on credit cards more than you can payoff in a month. Only use the credit cards when there is real need to.


Money Saving Tips for College Students

While the above tips for college students are applicable to both college students living on or off campus, there are more money-saving rules that apply exclusively to the students who are non residents. These include:

  • Try as much as possible to get an apartment that is close to campus.
  • Get a small apartment or split rent with roommates. After all you’ll move into a big spacious house after college.
  • Use public transport if the distance from your apartment and campus is far. Alternatively you can walk or ride to college.
  • Rent a place that will have all appliances provided.
  • Don’t spend a lot on décor and accessories.
  • Ask your parents or friends for old furniture instead of buying new ones.
  • Carry packed food to college.


If you follow the rules for making money and decent spending tips for college students, you will eventually realize that you made the right decision. Your loans will be significantly low by the time you graduate and get into actual employment.

You will also have enjoyed a constant cash flow which will have resulted to a relaxed mind and naturally, better grades.

You will also have learnt to manage your money so transition into the independent “adult’ world will come more easily. Having gained working experiences in whatever capacity, you’ll be an edge over your peers in the way you handle work situations.

If you use your college years to establish good spending habits with the above money-making and management tips for college students, you’ll graduate more prepared for success.

Please read about how impulse buying affects college students.

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