I was shocked to discover that the old myth that college students live on a diet primarily of pizza and ramen noodles was not a myth at all. Eventually, you learn how to avoid being broke so that eating these unappetizing microwave meals is not your only option. However, it is a tough lesson to learn.
My dad has always strived to teach me about the value of a dollar. Although I understood the importance of his lesson and tried my best to put his lesson into action, it wasn't until my first year in college that I really understood what he meant.
My parents, in an act of pure genius, required me to set up a personal bank account so that all of the money I was spending could be monitored. I who was flabbergasted to see how much money I was spending on my daily “needs.” Since I was spending my own money, not my parent’s money, I took budgeting much more seriously. I began by breaking down my monthly spending into categories. First and foremost, I budgeted for the necessities. This included money for groceries and school supplies. Not surprisingly, this did not leave much room for anything else. So, I decided to get part time work in my area. I began babysitting for families within walking distance of campus to earn some extra cash for spending on other things like eating out and shopping.
Eventually, I had my financial life down to a science. I knew exactly how much I was supposed to be spending and how much I would make babysitting. Suddenly, my eyes were opened to the working world and how much I loved it. I realized that making my own money empowered me and gave me confidence.
Once I had my financial life figured out, I realized two very important things. First, money was stressing me out more than I thought it was and was affecting my behavior. I was always stressed and avoided social outings to save money. The second thing I learned was how grateful I am that my parents required me to spend my own funds and manage my own finances. In retrospect, I enjoyed learning the lesson and realized how capable I am at overcoming real life challenges.
Once again, my college lifestyle has taught me way more than a three hour history lecture ever could. It has taught me responsibility, bringing me one step closer to becoming a successful adult. If one does not learn how to properly manage personal finances now, when will you and at the expense of whom? As smart college students, we shouldn't wait around to find out. Money Management 101, anyone?
