College Life With a Budget
This article was submitted by featured partner, Debt.org
College, it's that thrilling phase of life between high school and full-time work. The transition can be extreme, and the temptation to spend more than you have is difficult. However, this is also an opportunity to practice good spending habits that will assist you in becoming a financially responsible adult.
Living on a budget requires intentional decisions, early planning for what to do with any income you receive and restricting your time to avoid paying for entertainment, dinners out and racking up high bar tabs.
Here is a guide of dos and don’ts which will help you manage your time and money, while at the same time leave room for your brand new social life:
Do’s
Do sign up for a checking or debit card account that includes discounted student rates. Just remember not to overdraft by spending more than you have.
Do use an online spending application to budget your money and keep track of your student loans. When you have a small income, every purchase makes a difference. Skip lattes, late night snacks and trips to the movies. Save extra cash for the scheduled breaks and splurge a bit then.
Do take advantage of free campus-sponsored activities. The money you are paying in tuition actually goes to cover these costs, so you have already paid for these events. It's up to you to make sure you show up. As a bonus, many events include free food and snacks — another dough saver.
Do take advantage of public transportation to handle the occasional bout of cabin fever. You can also offer to put a little extra gas in a friend's car and borrow it for a few hours here and there.
Do stick around campus and study, instead of going out and spending money on fun. The many hours you have throughout the day aren't for entertainment, but for completing the research and writing required for your classes.
Don’ts
Don't go crazy buying dorm room decorations, even if mom and dad are footing the bill. Instead, put these funds toward buying necessities, so you will be set with toiletries, studying materials and books for the semester.
Don't purchase the most expensive meal plan. Opt for a package that covers a portion of your meals, that way you aren't wasting money when you grab dinner off campus. Keep a mini-fridge with cheaper meals and your favorite items that are not offered by the cafeteria.
Don't start using a credit card to cover expenses you cannot afford. You may find your mailbox flooded with special credit card offers or see credit unions advertising on campus, but don't fall for the temporary low interest rate and easy access to debt.
Don't take a car to school with you as the cost of parking permits, maintenance, insurance and gas tend to add up quickly. The majority of your time should be spent on campus, attending classes and studying, not driving around and exploring every new part of the city you move to school for.
Alanna Ritchie is a content writer for Debt.org, where she writes about personal finance and little smart ways to spend (and save) money. Alanna has an English degree from Rollins College. Please follow us on twitter https://twitter.com/debthelporg
College, it's that thrilling phase of life between high school and full-time work. The transition can be extreme, and the temptation to spend more than you have is difficult. However, this is also an opportunity to practice good spending habits that will assist you in becoming a financially responsible adult.
Living on a budget requires intentional decisions, early planning for what to do with any income you receive and restricting your time to avoid paying for entertainment, dinners out and racking up high bar tabs.
Here is a guide of dos and don’ts which will help you manage your time and money, while at the same time leave room for your brand new social life:
Do’s
Do sign up for a checking or debit card account that includes discounted student rates. Just remember not to overdraft by spending more than you have.
Do use an online spending application to budget your money and keep track of your student loans. When you have a small income, every purchase makes a difference. Skip lattes, late night snacks and trips to the movies. Save extra cash for the scheduled breaks and splurge a bit then.
Do take advantage of free campus-sponsored activities. The money you are paying in tuition actually goes to cover these costs, so you have already paid for these events. It's up to you to make sure you show up. As a bonus, many events include free food and snacks — another dough saver.
Do take advantage of public transportation to handle the occasional bout of cabin fever. You can also offer to put a little extra gas in a friend's car and borrow it for a few hours here and there.
Do stick around campus and study, instead of going out and spending money on fun. The many hours you have throughout the day aren't for entertainment, but for completing the research and writing required for your classes.
Don’ts
Don't go crazy buying dorm room decorations, even if mom and dad are footing the bill. Instead, put these funds toward buying necessities, so you will be set with toiletries, studying materials and books for the semester.
Don't purchase the most expensive meal plan. Opt for a package that covers a portion of your meals, that way you aren't wasting money when you grab dinner off campus. Keep a mini-fridge with cheaper meals and your favorite items that are not offered by the cafeteria.
Don't start using a credit card to cover expenses you cannot afford. You may find your mailbox flooded with special credit card offers or see credit unions advertising on campus, but don't fall for the temporary low interest rate and easy access to debt.
Don't take a car to school with you as the cost of parking permits, maintenance, insurance and gas tend to add up quickly. The majority of your time should be spent on campus, attending classes and studying, not driving around and exploring every new part of the city you move to school for.
Alanna Ritchie is a content writer for Debt.org, where she writes about personal finance and little smart ways to spend (and save) money. Alanna has an English degree from Rollins College. Please follow us on twitter https://twitter.com/debthelporg