Young adults need to start saving and investing in their futures. Nowadays, students buy whatever they want without thinking about the future.
That’s a pity because saving has so many benefits. The truth is that many students are clueless about how to manage their finances and stay out of debt. Thankfully, this article explores some money-saving tips and tricks for students.
Sign up for a student-friendly bank.
Some financial institutions charge a monthly fee for accounts. As a student, choose a bank with no hidden charges or extra fees. Compare different banks to find one that offers inexpensive banking with no overdraft or account fees. Avoid banks that charge a high-interest rate on accounts.
If your school is in Canada, consider opening an account with the Royal Bank of Canada (RBC). A defining factor is that RBC Royal Bank has branches all over Canada. Aside from Canada, the financial institution services clients in the United States, Europe, Asia, and the Caribbean.
RBC offers credit cards for students. The RBC student credit card allows you to build credit history throughout college. There are little or no annual fee options available. You can earn an RBC Rewards point for every $1 spent on drug, gas, and grocery store purchases. The key takeaway here is that the RBC bank allows students to save and earn money.
Learn to budget properly.
Budgeting helps you track your expenses so they don’t exceed your income. Today, educational opportunities are endless, but they don’t come cheap. However, there are affordable means of getting a comprehensive education. Set a realistic education budget and stick to it. If you can’t find an affordable college education, you can always opt for a technical college to learn practical skills.
Choose the right career path.
Remember, whatever career path you choose starts with education. If you want to pursue a career in cosmetology, you must enroll in a cosmetology program at an accredited cosmetology school. This will essentially prepare you for a rewarding career in the cosmetology industry. A typical cosmetology curriculum covers everything about hair care, from haircut and hair design to hair color and perm. What’s more, it encompasses nail care, manicures and pedicures, and nail technology.
There are several potential career opportunities in cosmetology, including becoming a salon owner, makeup artist, fashion show stylist, film stylist, hair coloring specialist, and manicurist. As a manicurist, you’ll primarily be providing nail services. Not to worry: The cosmetology instructor will leverage the instructional program to guide you all the way to becoming a professional.
To become a licensed cosmetologist, you’ll need to obtain a specialty license. A cosmetology license permits you to become a service provider in the cosmetology industry. For example, barbers must obtain a barber license to open a shop. Consider enrolling for a cosmetology course at Aveda Institute in any of their locations in Utah, Arizona, and Colorado. The school has a system that tailors your cosmetology classes to suit your schedule. You can also get a part-time job while studying if you want.
Part of your coursework includes an opportunity to expand your skill sets at a day spa or salon. The hours required for licensure vary for the different institutes of higher education. The bottom line is that education can help you get to the pinnacle of your chosen profession faster.
Take advantage of student discounts.
Many physical and online retail stores offer robust student discounts on select products and services. All you have to do is show a valid student identity card at checkout after shopping. The store may decide to take a significant percentage off your total order depending on their policy.
Don’t be afraid to live frugally.
A residential college is essentially a time full of expenses. One way to live frugally is to keep your habits in check, such as partying, excessive drinking, smoking, and shopping. There’s no denying that cutting down on some of your lifestyle choices can help you save more. Additionally, good friends can encourage you to form healthy habits.