Tips for College Students
It’s the beginning of your freshman year and you’re truly on your own and it feels wonderful. You’ve probably been cautioned about spending too much money too quickly, but it’s hard to know where to draw the line, at least at first. Here are some broad, general hints on avoiding financial Armageddon.
1. Start with a budget – and there are many programs on the internet or smartphone apps that can help you (such as http://moneyedcu.org/uk ) start and manage a budget, but the important point is to start tracking your expenses and make adjustments as you go.
2. Limit credit card debt.
3. Learn to differentiate between need and nice to have.
4. Don’t take out more loans than you need. One friend says “If you live as a professional as a student, you’ll live as a student when you’re a professional.”
5. Manage your meal expenses – learn to balance expenses versus convenience.
6. Watch out for hidden costs on every contract.
7. Don’t let your enthusiasm overcome your budget – maybe your friends can afford to go to that event, but that doesn’t automatically mean that you can.
8. Begin a lifestyle of spending less that you take in.
That’s not an all-inclusive list, but it’s a good start to a healthy financial future.