Being in charge of your money can be a major responsibility. But don’t worry, you’re ready for it! College is full of memories, but also full of extra finances, such as rent, gas, food, etc. Just remember to utilize these 5 tips!
1. Have a source of income
Whether it’s from your parents or your own job, you always need to have a flow of money coming in for your living expenses. Evaluate how much money you’re receiving altogether and start from here!
2. Start making a list of all the things you need
When you start to narrow it down and figure out how much each item costs, you can make a list and see how it matches up with your current budget. You have to think about how much your groceries, school books, gas and other miscellaneous things fit into the equation!
3. Prioritize and plan for everything
Is the Chris Brown and Trey Songz concert coming up? How about your friends b-day? Try to set aside some extra cash so you can do everything you want! This should be once in every blue moon for these events so try and enjoy yourself and save up ahead of time!
4. Have an emergency fund (strictly for emergencies)
You never know when something will pop up or happen, so always be prepared. Your car may get a flat tire on the way home from break and this emergency fund may be just the thing to get you out of your bind! Only use this for real emergencies; a shopping spree at Ulta isn’t an emergency… Trust me, I know! ;)
5. Credit card bills
In my case, I only use my card for emergencies. Try to only use your card when you have no other option. The interest rates on credit cards are nothing to play with! Try to stay current and keep track of everything you buy with it. It will save you some time and you won’t have to worry about when you have to pay it!
Try to stick to the budget you created for yourself. If circumstances in your life change, just adjust your budget to what you deem appropriate. Life and college will throw some financial struggles your way! Just try to be prepared because it’s all a learning experience to help us grow! HCXO!