3 key ways to Help College Students Gain Financial Independence

Higher education students naturally want to break free from their household. If you’re a college student, you would feel ready to find your own way in the world, to find your voice, and to experience a new reality. However, the most important thing that you might be looking for is to be financially independent which leads you to be constantly worrying, thinking, and stressing about how to afford higher education.

In college, most students feel stressed out about finance. You’re likely to encounter financial issues and feel stressed about it for various reasons, including living away from home. If you’re leaving your home, especially for the first time, you’re most likely going to find it hard to gain money, manage your expenses, and to set a budget. Also, it won’t be easy for you, as a student, to find the time to work and make money when you need to study and take care of other aspects of college life.

​Financial problems can affect your academic success on so many levels as they can be very stressful and can impact your concentration on your studies. However, financial skills and good money habits can be learned, and students can be financially independent in so many ways.

​Create a basic budget

​Even if you receive financial support from your family, you would still need to lay out a plan where you should set a certain budget, because your funds will be unbounded and you’ll need to live within a limited budget. Thus, you should determine all the money flows and incomes that you have and then estimate your expenses.

​Keep in mind that you’ll be having many new expenses – like housing and food bills, books and supplies, and so on. So put your incomes and expenses together and try to make everything balanced. Also, keep in track of your budget so you don't spend money impulsively on things you don’t need.

​Look for ways to spend less

​There are many facilities for college students they can make use of to save up money. For example, instead of buying new books, which are most likely expensive, students can borrow old students’ books or buy a used one for a much reduced price. As a student, you can limit the number of times you eat out monthly by making your own meals at home.

​ Most importantly, don’t buy unnecessary school supplies. Always prioritize your payments and buy what is necessary for you and take advantage of what your campus has to offer in terms of activities and supplies. Furthermore, don’t overspend on your phone calls - use free apps such as WhatsApp, messenger, or skype to call your friends and your family.

Find a job

Nowadays, more and more students are working while they pursue their studies. One cannot ignore the fact that juggling between work and college can seem very stressful, especially when both endeavours require effort and time. But as long as you are goal - oriented and determined, you will definitely be able to balance between working and studying.

There will be many benefits to gain from work; including but not limited to improving your time management skills, forming networking connections with the industry professionals you work with, increasing knowledge and work experience, and most importantly easing your financial burden while being financially independent.

However, sometimes it’s hard to manage your time while studying and working at the same time. Thus, try to find a college-friendly job, such as being a tutor, a food service worker, or simply finding a freelance job that allows you to have flexibility of timing.

Quizplus always works intensively to provide new methods that can smooth your path as a college student and assist you in every aspect, including helping you utilize your time to study and make money.

You can now join our affiliation program for free and earn money by simply inviting your friends and fellow students to Quizplus. You can gain 25% cashback of the subscription amount from each friend you referred to Quizplus.

We aim through this program to help you and your friends to confidently learn using Quizplus platform, to gain money, and finally to be financially independent.