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College students are often confronted with the challenge of financial management. Many students graduate with huge debts to pay even before they get hired for their first job. If you are in college, consider the following tips on how you can save money and avoid debt.

Use your student loan wisely.

If you have obtained student loans to finance your education, see to it that you use the money exclusively for school expenses.

Consolidate your student loans.

If you have acquired more than one student loan, you should consider consolidation. Merging your student loan debts into a single account is a great way to reduce your monthly loan payment since you only pay one rate of interest.





Build credit history early.

Building a solid credit history while in college is a good way to prepare for the future. An excellent credit rating will allow you to access better loan deals when you decide to apply for future financings, such as for a car loan or personal loan. Impressive credit history will also give you an advantage when applying for a job because some companies conduct pre-employment credit checks to evaluate potential candidates.

Apply for a low rate credit card.

A student credit card can be used as tool for building credit history while in college. However, a student must exercise discipline when using the card. See to it that you will not use your account on unplanned expenses or purchases that you can pay in cash. Use your student credit card for important expenses, and make sure that you can submit your full payment on time.

Use coupons to make purchases.

Mothers are not the only ones who should be smart when shopping. As a student, you should learn how to make smart purchases to stay within your budget. One way to save money is to look for coupons online before purchasing an item you need to buy.

Don’t bring your credit card on night outs.

If you are going to a party or a night out with your friends, it’s best not to bring your credit card so you can avoid the temptation to splurge. Before charging anything to your credit card, seriously consider if you can afford to pay your charges without getting yourself in trouble.

Go for budget-friendly entertainment.

Leisure activities do not need to be expensive. You can still have fun with your friends without breaking your budget.

Do not buy things that you don’t need.

Some people are tempted to buy an item on sale just to buy at a cheaper price. However, before you take that 50% discount, seriously consider if you need to buy the item and if you will be actually be using it. If not, then don’t take advantage of the sale price.

Take advantage of your privileges as a student.

Many colleges and universities offer discounts and free services for students. For example, you can borrow movies and books from the library and use the internet at no charge. Instead of spending money on everything, get to know your privileges as a student, and make the most out of them.