4 Money Management Tips for Student Parents
 
  1. Create a budget for everything! – This may sound cliché because it is easily assumed that the only things you need to make a budget for are monthly expenses such as rent, groceries, bills etc. However, those daily cups of coffee or cans of sodas can add up so fast! A great way to stick to your budget is to use a budgeting app such as Mint® or Money Manager®. This can help you keep track of your finances and find areas where you need to cut back.1
  2. Save on school books - Another money-saving tactic would be to buy used books from colleagues or from Amazon instead of buying new ones which can be expensive. You can also take advantage of eBook offerings or try selling your old, used books to make some extra cash.2
  3. Automate your savings - It might be a bit difficult to save each month, but it will pay off in the long run. If you’re one who struggles to save a portion of your earnings, make the decision to automate your savings. Most banks can help you set this up and remember it doesn’t have to be big money!2
  4. Swipe ONLY when necessary! - Swiping your credit card at the register is very easy and convenient and sometimes it’s easy to forget that equates to actual money. After you get your paycheck and allocate what needs to go to bills and other monthly payments, use cash for other areas of your budget. Handing a crisp twenty-dollar bill to the grocery store clerk might feel different to you than paying with plastic, but it will help you avoid overspending.2 Another useful tip is to take only the amount of cash you're happy to spend when socialising and no plastic cards!3 
Finally, before spending money on anything, ask yourself three questions: Do I really need it? Can I afford it? Can I get it cheaper elsewhere? If any one answer is no, then think again!3
 
Written and Compiled by: Khadija Samoylove, Sarvenaz Esmaeelzadeh, Temitope Akintilebo, and Maryellen Gibson as a part of their PUBH 803 class