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What college students should know about money management:
Money management is generally done through creating a budget. Budgets help you form a realistic plan for spending (and saving!) your money. Since your income and expenses are constantly fluctuating, whatever budget you choose must be flexible.
First, write down where all your income comes from. This can include income from work, grants, scholarships, allowance from home, etc. The next step is to outline your expenses. Split them into two catagories: fixed and flexible.
Fixed expenses are exact amounts due on a specific date that don't change. Flexible expenses are ever changing amounts of money that you spend on your wants and needs.
Example Fixed Expenses:
- Rent
- Car payment
- Health insurance
- Tuition
- Savings
Example Flexible Expenses:
- Books
- Gasoline and maintenance for your car
- Going over on your cell phone minutes
- Social expenses (movies, concerts, football games, etc)
- Personal expenses (clothing, groceries, health costs, domestic supplies, haircuts, etc.)
Add up the amount of income and expenses you have (you may need to guess on expenses). Now look it over. Do your expenses exceed your income? If so, think about how you can increase your income or decrease your expenses. This process may seem elementary, but it's necessary if you wish to stay out of debt while you are attending school.
It is going to take some sacrifice to reduce your expenses. Many college students are used to impulsive spending. This sort of poor money management will lead to financial bondage. If you are ready to lower your expenses try some of these tips:
- Pay all your bills on time
- Stand against peer pressure
- Purchase used books
- Avoid impulse buying
- Look for sales
- Stop eating out and buying junk food
- Share an apartment
Each college student will require a personalized budget that fits his or her needs. Nevertheless, basic budgets can be found all over the internet, in financial books or you can simply ask your parents to help you create one. Don't let debt to enslave you. Find a budget, stick to it, and be okay with sacrificing a little to stay out of debt.
NOTE: Use of this article requires links to be intact.
Category: Reference and EducationBudgets for College Students was written by:Author:Jesse FisherAdded: Fri, 22 Jun 2007 21:35:10 -0400 This Article Has Been Read 279 times View all Jesse Fisher's articlesAbout the Author: Author Jesse Fisher likes composing articles for his clients including Transamerican Medical, a business that resells Philips Medical equipment and parts. See also the Imaging Centers; online directory. (You may republish this article online IF all links are kept intact.) |
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