Lots of students think they will be fine going to college with the money they have, but after the first semester students begin to realize how easily you can blow through money while being there. What students don’t realize when they’re home is that their parents typically are the ones paying for their groceries so when the obligation now falls on them, they realize how expensive their needs can be. Students should come to college already aware of what’s in store for them that way they are prepared to prioritize their needs over their wants. Here are some tips to help you better manage your money while being a college student:
Find a summer/winter break job
By doing your best to find a job over the summer or during winter break between each semester when your life isn’t overloaded with schoolwork, you are able to reset your amount of money to help prepare you for the things you will need while being a college student. While being in college, money adds up quickly because of your expenses that are thrown at you. Textbooks can cost a nightmare, and you will be surprised how fast the amount of money you spend on groceries adds up.
Learn how to budget your money
When it comes to college it is always important to have experience on how to budget your money. I know for me I learned a little about this is high school and luckily my freshman year I was also refreshed on how to do it during my COR 101 class. A budget is a plan that you make for yourself to decide how much money you will spend each month and what you will spend your money on. A budget can help make sure you don’t run out of your money quickly and make sure you are on the right track with how much you are able to spend.
Know the difference between your wants and your needs
When going to college you may be tempted to want to go out to eat with your friend group a lot, go shopping with your friends to get new items, doordash food when you don’t feel like making it or walking to the dining hall, or even be tempted to do a lot of online shopping. These things all impact your budget and make it harder for you to be able to afford the things you need while being on campus. Yes, it is okay to add a place in your budget for spending money, but this should not be a large amount. As hard as it may be, learn to prioritize the things you need over the things you want. You can always get the things you want when you are not in a tight situation with money.