Budgeting money is one thing that all students deal with
during their college years. Many college age students do not work during the
school year and as a result they end up spending all of the money they have
saved up working during the summer. Even with many stores that sell goods for
very low prices such as Wal-Mart or Dollar General surrounding many campuses
many students still have problems deciding what they should and shouldn’t spend
their money on. Many students have never lived on their own before college, and
they leave for college with no idea on how to save and spend their money. This
is often because before college their parents have made all of their decisions
regarding the spending of money. This is when budgeting becomes a very powerful
tool for college students and particularly freshman.
When students are still in high school many products such as
shampoo and toothpaste are purchased by their parents, so many freshmen forget
to save money for those types of products when they leave for college. This can
be disastrous for college students when they have to call home and beg their
parents to lend them more money so they can buy necessary products that they
don’t have the money for. One thing a freshman college student can do to avoid
that is ask older students how much money they approximately spent per month on
essential items. This will allow incoming freshman to get an idea about how
much money they need to set aside per month for these products.
Budgeting is also very important when students are
purchasing books for classes. Most bookstores across the country are extremely
overpriced and charge students a ridiculous amount for books that cost less
than half their selling price. Another tip for freshman college students that
will help them save money is to shop around online for books for a lower price.
If internet access isn’t available, students should ask around on campus if
anyone has any of the books that they need. Many upperclassmen know how
expensive books are will sell their books to incoming freshman for as low as $5
or $10.
Another tip for freshman to better budget their money is to
eat at the college cafeteria, many colleges make it mandatory for freshman to
get a dining plan. Instead of spending money on grocery shopping or going out
to eat, they should grab a few friends and go down to the cafeteria. At most
cafeterias there is a huge selection of different types of good food and it is
normally paid for through a swipe of an identification card. Another common
misconception that many freshmen encounter is the idea that they have to
purchase a new outfit every time they go out. This can lead to unnecessary
spending at local malls or shopping areas. Students forget that they are now
living with built-in friends and roommates one huge advantage to this is being
able to share and borrow clothes. Keeping this in mind will definitely help
freshmen while they are budgeting their money.
Jeff Nelson gives advice on money management. His advice helps you to eliminate your debt faster. To make online budgeting easy and set up your budget for each category you are targeting, visit http://www.mint.com