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There are a couple of debt problems that you will face in college but that does not mean you should let yourself be a part of the statistics. Students usually end up with two type of debts: student loans and credit cards. The first is used mostly for school related expenses while the other is for the daily expenses that the student will encounter. The former is necessary but the latter is usually curbed by students to keep debt levels low.
But no matter how much you plan or prepare for it, you will always find something that will deviate from your budget. These unexpected expenses are usually the reason why some students are forced to use their credit cards. The “emergency” expenses can sometimes pile up to become a significant debt that can spiral out of control. Students must take extra care when it comes to their college finances because it will set the pace for their financial life in the coming years.
Smart ways to earn money in college
Since the unexpected expenses cannot be avoided, you need to be prepared for it. While calling mom or dad will get you out of a tight spot, the fact that they are far away will mean you will not be able to get help immediately. Most will quickly resort to credit cards to pay for purchases.
However, if you want to keep your credit spending low, there are smart ways for you to boost your college finances so you can save the cash for these emergency needs. When it comes to earning more, we obviously mean getting a job.
There are various benefits to earn while in college and you will not only get more money to spend, you will also learn various habits that will prove to be useful when you graduate. The job experience will be noticed by your future employers and carrying that responsibility will bring you bigger opportunities. College students and even new graduates can look for jobs through websites like CollegeRecruiter.com or CoolWorks.com. Try to browse for job openings that are not particular about work history and can partial to your flexible work schedule.
Here are other suggestions that will help you earn more for your college finances.
Join behavioral study projects and similar surveys/experiments. There are professors and students on campus who are probably looking for groups that they can study and you can volunteer if you qualify. This usually varies between schools and projects but you can earn a decent amount for these one time projects. Look at the community boards in your campus for these opportunities.
Focus groups. Corporations and even local businesses sometimes need the opinion of focus groups and you can see if you can join these. All you have to do is to get in touch with companies and register to be a part of their focus group. You get to try their new products or provide your honest opinion about certain campaigns that they want to release.
Use your skills. If you have a particular skill like playing a musical instrument or being academically advanced, you can use this to tutor others.
Sell your possessions. Even someone as young as students sometimes accumulate a lot of junk. If you have things that you are not using, sell them off. Or you can trade. That will lower the need for you to spend.
These are only some of the things that you can do to help raise the funds for your emergency stash of cash.
Sources of money that you should never rely on while in school
While there are options that we highly recommend, there are also those that we strongly advise against. If you need fast cash, never opt for any of these options because you will only make things worse.
Payday loans. If you are using payday loans to just get by, then you are putting yourself through a debt cycle that you will find difficult to get out of. The high interest rates of these short term loans will never bring you any good. It will only bury you in debt and the high interest will be robbing a huge amount of money from your college finances.
Cash advance. Getting a cash advance on your credit card is also a bad idea because of the high interest rate that you will have to pay off. If regular purchases have a high rate, credit card cash advances will have higher rates than that.
Get rich quick programs. There are so many of this online and you have to be very careful about it when you come across these. If they are too good to be true, then they probably are. Be cautious of these and do not, under any circumstances, give out vital information about yourself. If you really want to get rich, you have to work hard for it.
Gambling. Surprisingly, some students resort to this when they are in need of big money. This is never a good idea and you will just lose the little amount of cash that you have. You may win a couple of times but it is usually not worth what you will end up losing in the long run.
You have to realize that the quick cash are usually the ones that are most destructive. You do not want to make your college finances rely on these unreliable sources of income.