Money is a constant concern for many college students, particularly for those who are taking out loans in order to finance their education. Therefore, students must be diligent about budgeting and avoid the temptation to put expenses on credit cards. Unfortunately, not all students have good habits, and many students can get caught up in a college atmosphere that encourages impulse spending and poor budgeting. A few budgeting tips can keep student on track so that they can focus on their studies.
School requirements
Regardless of how many parties there are on campus, students must make sure that they can afford their tuition, books, and fees first. Optimism is a wonderful quality in a variety of settings, but college students should not make poor budget allocations and then be naively optimistic that things will somehow work out. Students are there to finish school. After school is done, students can budget their money differently.
Supplies
In addition to standard education expenses, students also have to plan for other costs associated with school. This can include simple expenses such as note-taking supplies, but it can also include technology, software, field trips fees, and other supplies that are incurred when assembling school projects. School is expensive, and students should always allocate for additional costs that may come up unexpectedly.
Cost of living
College also includes the practical aspects of life, such as food, clothing, and shelter. Therefore, putting together a budget should include such expenses as rent, groceries, and utilities. This is also an opportunity for discipline, because students have to balance the desire to eat out with the reality of cooking cheaper food at home. Also, students may need to shop around and conserve in order to save money on housing and other residence-related expenses.
Household expenses
Depending on the living situation, there may be other costs associated with going to college. Many of these expenses are simple items that are around the apartment or dormitory, but they can add up over time. Therefore, students must budget for things like cleaning supplies, furniture, or any other necessity that might present itself during the school year.
Entertainment
Finally, there is entertainment, which is often a major aspect of the college experience. This is where students really have to be careful because entertainment can quickly grow out of control and students may be tempted to use credit cards. Students should certainly take advantage of a number of social opportunities during school, but they should also plan ahead and recognize the habits that they form during college. The way that people spend money during college may be the way that they spend money for the rest of their lives.
http://www.usatoday.com/money/perfi/credit/2009-04-12-college-credit-card-debt_N.htm
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