Aww snap đ Summer break is here, and on its billowing beach blanket you'll surely find chances to rest and recharge from the all-nighters/ragers/+ exam-induced panic attacks. While you soak up the sun and catch up on some zzzâs, itâs also a great time to glow up your finances!
Hereâs five essential tips for treating your finances this summer just a little sweeter. Strap in.
Whatâs a glow up without a before and after? While your financial âbeforeâ isnât as simple as taking a picture, you can still summarize where you stand in a meaningful way.
Write down how much you have in your bank account(s), how many accounts you have, your total debt, and investments, if you have any. Be fearless! And be shameless. Youâre in college, youâre a work in progress, and youâre growing. U got this!
Yeah, so weâre a broken record on this point; weâre budget evangelists; weâre budgenistas, if you will.
Yet indulge us: Having a budget is critical for healthy financesâbut many students donât keep a detailed budget. It often seems boring, restrictive, or takes a lot of work to maintain. This is untrue! Apps are a great way to increase accuracy, minimize your time and effort, and make managing your money fun!
Apps like Kora (hey! Thatâs us!) and Mint are free, easily connect to your bank accounts, provide access to other valuable payment products (e.g., loans or investments with real-time updates) and are a breeze to get started with.
But most importantly: they give you deep insights into your spending habits and help you set achievable financial goals, like saving a little extra each week and curbing (if only slightly) that expensive, daily caffeine habit.
Now itâs time to talk about shopping. Our wants are the biggest culprits for budget backstabbing because they present a gray area between what we want and need. For example, you need clothes, but you want the drip. đ
But sticking to a budget doesnât mean sacrificing style or aesthetics! Shop outlet malls, thrift stores, and online marketplaces for hidden, trendy finds. Depop? The Real Real? Facebook Marketplace? You know theyâve got the merch without the markup.
There are two easy ways to put your cash to work: cash back rewards cards and investing.
Try getting student credit cards (or certain debit cards) that will give you cash back for what youâre already spending. When you donât overspend or miss payments (always a risk), itâs a great way to build credit while earning some money.
Investing doesnât have to be complicated or take a lot of cash. Try simple starter programs like Acorns to invest your change and watch it grow!
Weâd put this at the top if it wasnât so obvious and slightly boring, and pedantic. But scholarships are gold for studentsâso donât forget to spend time researching and applying for them in your time off.
Forbes reported that $100 million in available scholarship money goes unclaimed every yearâso see what your share of that fund is yours!
Kora is dedicated to helping college students successfully manage their finances now and after graduation. Use their app to track finances, compare where you stand against other students, and get notificationsâ plus earn up to 10% cashback with the Kora Student Card! Get started today!
References:
100 MILLION IN UNCLAIMED SCHOLARSHIPS | FORBES
GLOW UP YOUR FINANCES | SAN DIEGO COUNTY CREDIT UNION
HOW TO GLOW UP | THE GLOW UP PROJECT
FIVE TRICKS TO TURN SUMMER CASH INTO SUMMER SAVINGS | OPPU
SUMMER MONEY SAVING TIPS FOR STUDENTS | RATEHUB