Money Management Tips for College Students
Going off to college is an exciting time because you get to meet more people and experience new things. This season of life is fun, but it also brings new responsibilities like managing your money. If you’re going into college this year or know someone who is, check out these four tips for managing your money as a student.
1. Build Your Budget. You should set up a budget that lays out all your anticipated expenses and sources of income. If you’ve never made a budget before, there are several options online that can help, or there is always a handy Excel spreadsheet. Either way, be sure your budget includes every purchase you plan to make, or go back and add your purchases in later so you can see all your spending.
2. Watch Your Spending. Once your budget is ready, you should consistently check it and update it throughout the month. Keep an eye on your spending habits. Did you get coffee too many times this week? Was your paycheck a little less than usual, so now you’ve spent more than you made? Watching your budget will give you a better idea of the flow of your money and will help you see areas where you could cut back to save more.
3. Manage Your Credit Card. If you have a credit card, it can be a useful tool to start building your credit. However, if you are not paying it off consistently, you can find yourself in crippling debt. Make sure you pay it off every month before your deadline and never spend beyond your limit. It can be tempting, but it isn’t worth it to go crazy shopping with a credit card. Use it wisely.
4. Learn How to Save. The more you watch your spending, the more you will see places where you can save. Food tends to be a big area, so try cooking at home or making your own coffee to save more. Going out with friends can also be pricey. Look for fun events on campus or in your community that could be free. Additionally, you can purchase used books for your classes instead of new ones for a lower price.
The sooner you start to budget and manage your money, the better off your finances will be in the future. If you still need help with budgeting and finances, call AMJ at 919-368-1877 today!
SOURCES
https://www.nerdwallet.com/article/finance/budgeting-for-college-students
