College is a new and exciting experience for all of us. Each individual student has the opportunity to learn new things, meet new friends, and explore themselves. However, it can be very difficult for those who do not know how to handle their money. Monetary issues are one of the leading causes of stress in the average college student (aside from academic pressure).
But don't worry! You can still maintain control by being practical! Here are a few suggestions about how you can stay on track.
1. Keep Track Of Your Spending With A Journal/Spending Budget
Knowing what you have spent and when will help you manage your money. It will allow you to plan out what you have to spend in the future, as well set a limit on the money that you should spend on each specific purchase. This will help to keep you from exceeding your budget. Having a journal/spending budget is really simple. Sit down for a few minutes each week and compile all of your expenses. If you're afraid that you may forget you can keep track of your receipts or write down what you purchased.
2. Take Advantage Of Events With Free Food At Your School
Many colleges hold events that provide free lunch/dinner/snacks, especially in the first month of classes! They also tend to give away free paraphernalia as well (T-shirts, backpacks, and more). Take advantage of that!
3. Prepare Your Own Food Or Maximize On Your Meal Plan
If you do not have a meal plan you should try to prepare your own food. Bringing your own meal is the best way to save money from eating out and, most importantly, it's healthier than eating processed food.
There are many websites that you can look for quick and cheap meals or recipes on.
Or just ask your mom--she knows everything!
If you have already paid for the meal plan, try to maximize it. Try to eat on campus or in places that accept your meal plan as payment. Despite what people say the food in the cafeteria is not that bad.
4. Check Your Meal Plan Balance Regularly
Maximizing on your meal plan does not mean overspending on your meal plan. Check your balance frequently so that you know how much money that you have left in your account, on and off campus. College dining services usually have a weekly dining balance sheet that tells you how much money you should spend for food. Try to check your meal plan balance and compare it to the suggested weekly balance.
5. Make A Shopping List
College is usually the first time that you are held responsible as an adult, which means that your mother is not right there to tell you what you should buy (although she may give you some tips over the phone). You have to monitor your grocery shopping by yourself. Try to have a shopping list written out so that you can stay focused on what you really need. Also, you should categorize your shopping list specifically. An effective shopping list should have different categories such as beverages, dairy products, and office supplies.
6. Minimize Your Book Expenses
You will most likely have to spend a great amount of your money on college textbooks. However, there are a lot of possible ways to save money on books in college. Try to buy used books, rent books instead of buying brand new ones, and sell your old books. Here are some websites that you can use to look for textbooks for an affordable price.
Most college bookstores have a renting service and used textbooks. Ask your school bookstore for other possible options so that you can minimize your book expense.
7. Graduate On Time (Or Early!)
Graduating on time (or early) will not only save you time, but a huge amount of money. Being responsible in your academics is one of the most important ways to graduate on time. Don't miss class, ask your professors questions if you have any confusion, and prepare for your exams. Also, summer classes and extra credit are a great way to get ahead!
Finally, do not let money problems ruin your experience in college! Changing your everyday habits by learning these tips can help you to save a lot of money and enjoy your college years!
