How to Avoid Being a Broke College Student

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Students who go to college have a lot of expensive, such as buying books, paying for housing, going out with friends, shopping, and eating. Although they should know how to save money, but they usually do not. Therefore, they should follow some strategies to figure out how to avoid going broke by fewer using credit card, cutting back on costs, and earning more money with part time jobs or scholarships.

Nowadays, college students use credit cards too much when they go shopping. According to IEducation, 70 percent of college students have a credit card. As can be seen in this picture, 36 percent of students have more than one credit card.

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However, only 9.4 percent of students can pay their balance in full each month. The reasons for this are that they enjoy going out with friends, going shopping, and eating in restaurants. For example, when some students have a date, they eat in expensive restaurants. They have to pay more money than they would for fast food. For instance, if they pay seven dollars for fast – food, they might pay more double; they might pay double. Other students go shopping – including clothes, shoes, and accessories - because products are on sale, but they do not need them, which can waste their money. Another person might buy groceries and put them in the refrigerator but they do not eat them. After several days, vegetables can be spoiled. Because of using a credit card, they do not care about the bills or feel hurt about spending their money.

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By the end of the month, they have many bills, and they cannot pay the full balances. After several months, they have many bills that they are not able to pay off. They become broke students, which continues to create a large number of indebted citizens in society.

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The most important ways cutting back on cost are reductions of shopping. Students can cut expenses from food, entertainment, clothing, and transportation. They should eat in the cafeteria rather than in fast food restaurants because all the meals have already been paid when students pay their balance in school. For instance, they might go shopping; however, they should buy clothes that they need or they can buy at stores that have student discounts. They should buy when the products are on sale. The most important strategy is to avoid using credit cards. Students should pay cash for what they need; they can save more money by using cash because spending cash hurts more than swiping a credit card. If they do not use credit cards, they do not have bills at the end of the months, and they cannot be broke.

Although students should know how to avoid using a credit card, they still need money to pay for daily life. Many college students find part time jobs to pay for credit card bills or receive scholarships and financial aid to earn more money. Students might have financial aid and scholarships. This money can help students with paying school fees and buying textbooks. However, students must have to pay for something else. Student should have a part time job to pay for supplies and something else that they need. They can find a part time job at restaurants, retail stores, office.

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For example, some people have class in the morning; they work in the afternoon, and they do homework in the evening. Therefore, they do not have a lot of free time. They do not go shopping, hang out, or eat in restaurants; and they can save money. Having part time jobs reduce the need for student loans and can help students avoid becoming broke.

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College students can against going broke through less use of credit cards, reducing shopping, and finding part time jobs or receiving scholarships and financial aid. Students should know how to spend money wisely, and keep studying to make their dreams come true.