• Skip to main content

Mud Mosh

Back to School Budgeting Tips

by mud mosh

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

More from this contributor:

Do MBA Graduates Make Good School Administrators?

Best Degrees that Will Allow You to Make Money

Qualities of a Good Manager

Related

  • Budgeting for Back to School
  • First Person: How We're Budgeting for Back to School
  • Back to School Tips: 10 Ideas for School Lunches
  • Back to School: My Child is Transferring to a New School
  • 5 Tips for Back to School Savings
  • Back to School Money Savings Tips for College Students

© 2019 Mud Mosh · Contact · Privacy