Whether you’re residing off campus or dorm dwelling, living on your own can make you realize all the day to day basic necessities you need to purchase in order to live comfortably and take care of yourself. From toiletries to cold medication, snacks to weekend adventures and everything in between; tuition and a meal plan doesn’t mean you’re completely taken care of in college. In order to keep your spending under control, it’s important that you create a budget to avoid unnecessary credit card debt.
How To Budget In College
You know that summer job you’ve been slaving away at for the past 2-3 months? It’s time to make that money stretch for as long as it will go. Follow these budgeting tips to make the most out of your savings.
- Track your spending. Use this daily expense tracker or track your cash flow online so that the money you spend doesn’t spiral out of control.
- Investigate ways to make money while you’re in school. Paid internships are becoming more prominent and a great way to learn transferable skills for the future while putting some change in your pocket.
- Show your student ID. Student discounts are real and an awesome advantage to have when buying movie tickets, transportation, clothing and more!
- Learn to say no. This is even difficult for post grads and older adults trying to budget their finances. If you can’t afford to go out to eat or, go shopping or plan a spring break vacation, be responsible and decline the invitation. You should never use your credit card for times like these, it will create credit problems in your future.
For more college banking tips, earning money while going to school and a complete list of student discounts, check out ACCC’s Financial Workbook for Pre-College and Current College Students.
To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571.