Money Management Tips for College Students
Ah college! That month-long shopping trips to gather miscellaneous items and textbooks, and packing up your entire life that remained confined in your room to be shifted into a new room at a new place where you will meet new people.
People who will change your life do have a profound impact on the person you are going to emerge out of those gates. While selecting the right dorm room, decor might seem like an overwhelming task, but know that there are several important factors that must be considered when going off to college.
This is also the best time for parents to give their children the talk on personal finance. It is a parent’s obligation to prepare their freshman children going off to college on smart spending strategies and budgeting when he/she sets out to live their own dreams and study hard using effective study hacks.
College Days : The Perfect Time to Learn Money Management
All college students would probably roll their eyes on the prospect of forming a budget. But whether ready or not, you must realize that you are an adult now and being an adult comes with several responsibilities. To have the best college experience, it is essential to learn how to manage your money. After all, college is an expensive experience because sometimes you even have to pay to write essays.
Whether you are paying for it on your own, or taking your parent’s help, or using a financial aid, money matters. So the management experts at Pen My Paper have decided to share a few words of wisdom with this year’s freshmen and women, so that they can be equipped with the right tools to be prepared for college with the right financial footing.
Make a Budget
While it might have been alright to spend everything you had in your wallet when in high school, be it your pocket money or the spoils of that boring job at the local barista. But now that you are in college, budgeting is crucial. Just like while writing a perfect dissertation proposal you need to avoid plagiarism, pursuing a college life requires the avoidance of extra and unnecessary expenses.
Even if you have never been exposed to budgeting, it is important that you sit down with your parents or others who are well equipped about budgeting and personal finance, to learn their strategies. Form a map of your sources of income, which should include earnings from a job, money from student loans, funds from parents, money from grants and other financial aids.
The next step is to categorize your expenses to know where your money is going. This may not be a surefire way to stick to your college budget, but at least you will be sure how to use a budget plan and will also have a clear idea about what is affordable and what is not. Also, it might also help you in making your business plan.
Get Acquainted with Online Services
It is the age of smart devices, so it is evident that you will not keep track of your finances on a dull old excel sheet. So make managing your budget easier with an app that helps to keep track of your spending and savings, just like you make use of an e-book these days.
This is a good option for forgetful college students. Some such apps also allow users to upload their bank account details to maintain and manage all their bank accounts on a common platform. Thus, no more late payment fees or penalties for you, when you miss out on your bills.