For many people college years are the most exciting in the whole life. Studying at college means having new experiences and new responsibilities as well. The independence you get won’t consist of fun only. You are living your life on your own, you are learning the most necessary – life lessons.
Lesson number one: managing money. For many people creating and sticking to a budget Is not a problem, so ask for some guidance. Plan your budget. Your computer may have a money management program – a very helpful tool. How much income do you have? Calculate how much you get from parents, financial aid money and a salary (if you have a job). What are your major expenses?
Most probably you have regular expenses: tuition, room and board, books, bills on water and power, phone calls etc. Most people stop at this and as a consequence they still lack money. But you spend money on many other things. You need money not to pay bills only. Food and gas come first. Count how much you need for these purposes as well. There are things you need from time to time – for these purposes use a savings account. Take into consideration some factors you cannot be prepared for: these may be Xmas expenses, power bills will increase in unusually high winter/ summer. How much do these extra-expenses cost you a year? Divide the sum into 12.
Now you have an amount you have to save each month to meet irregular expenses. Don’t end up in debt. Many people can hardly stick to the budget. Of course it takes practice. But if you would consider budget as one of your classes, it won’t seem to be difficult to you. Noone expects you to do it perfect at once. Adjust your budget taking notes monthly. If you still don’t make enough money, get financial aid from some college loans.
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