Finances

source: http://dev.collegehaze.com/wp-content/uploads/2012/04/college-savings.jpg

College is expensive. It is just as important to budget your money while in college as it is to budget your time. Whether you're living off of an allowance provided by your parents or working for a weekly paycheck, money can be tight. Learning how to manage and save your money for what is important is crucial to all college students. There are many resources online offering tips and tricks to get you started with managing your money. Money management is a useful skill you will use for the rest of your life so it is good to learn early. Some major tips are summarized below:

-Create a money plan. Chances are you'll be using Microsoft Excel at some point in school so you might as well get some experience with it while creating your budget. Create cells dividing up your expenses. Common expense categories are bills (power, water, cell phone, car insurance, etc.), food expenses, gasoline, and personal use (social activities, other purchases). You should be able to estimate your expenses from recurring bills. Set a limit on your gasoline and food expenses each month. The remaining money in your budget can go towards personal use or can be put into savings. Having a financial plan is a smart way of saving money and getting the most out of what you have.

-You may be considering signing up for a credit card. Do some research and learn how to use them carefully. You don't want to get in trouble. I used mine for emergency purposes only. It might be a good idea to have your account linked to your parents so that you have options for help if you are in an emergency situation. Your car may break down during your travels and you may need to use your credit card.

-If you end up in financial trouble, ask for help. The longer you wait to ask for help, the worse your situation will become. Your parents or a counselor can help find you the best options to solve the problems.


Additional links:

http://collegelife.about.com/od/moneyfinances/a/ManagingMoney.htm
http://www.getrichslowly.org/blog/2006/08/30/27-money-tips-for-college-students/
http://www.accountingweb.com/topic/education-careers/freshman-finance-101-money-management-skills-college-students