5 Tips on How to Manage Your Money As You Enter College
The day you dreamed about has finally arrived. You’ve left the comfortable nest and are about to enter college. Hold on though, because unless mom and dad have very deep pockets, you’re going to have to learn how to manage your money. In addition to that, you’ll learn about credit scores, and hopefully how to create a financial plan that will see you through those tough college years.
Starting college, you’ll have more control in the decision making for your life; however, there is one very basic concept that you need to master. Even if your parents are financing your education, you need to learn how to manage your money effectively.
Many of the habits, good and bad, that you learn in college about money and finance, will be with you for many years to come. Statistics reveal that the average four year college student graduates with credit card debt of $4,000.00 plus student loans totaling $30,000.00. Financial experts say that every college student should formulate an easy plan in order to take control of their saving and spending. The following tips can help you learn how to manage your money as you make this plan.
1. Create a budget
It really doesn’t matter how small your budget is, you need to establish one and follow it. Your income for your budget will probably come from your parents, your part time work if possible, and financial aid. View full post…