Let me give you five reasons why it is important to control your finances in college. Yes, you take control.
1. It teaches you responsibility.
The “R” word seems to be a word that us teens and young adults don’t enjoy hearing. But it’s vital for growth, especially if we want to be independent. You can’t expect to fully understand something you aren’t hands-on about. Knowing how much money you are spending and saving is important. It helps you create your own parameters and set your own limits. If you spend too much, you can’t afford what you want. And if you spend too much, you learn that it’s on you and not your parents.
2. It helps you work harder.
To get money, you have to work for it. And if you know your savings are important to you then you may be more conscientious about performing well at your job. By working harder you will find more opportunities, and with more opportunities means more connections and future job positions (or so we are told). Your finances may help you push yourself more than you may think you are capable of.
3. You appreciate what you have.
That McDonald's cheeseburger no longer looks gross, especially when you are paying for it. You may look at that cheeseburger as if it were a sirloin steak after you hand that cashier your hard-earned pay. Everything around seems to have a value you were not completely aware of before. You may find yourself being grateful for the simple things in life. So enjoy that cheeseburger.
4. You can prepare.
Once college is over real life starts and it’s not easy. Taking control sooner gives you a better understanding of how you want to take your next steps. You won’t be blind-sided by the fact that you have to pay numerous bills on time. You have time to figure out what you want to do before you actually have to do it.
5. You will thank your parents.
Remember those times in the store when you had a meltdown over a stuffed animal? It is time to hug your parents and say you love them so much. Everything you needed they provided. Everything you wanted they put into reason for you. They could have spent their money on a vacation, but instead they wanted to take care of you. That isn’t money they are getting back, so be sure to really be appreciative.
