Hi and welcome to A Quirky Twist’s college advice for freshmen! This week’s post is about money management in college; for most people this will be the first time they’re completely on their own financially. Even if your parents are giving you money you’re still technically on your own, because they’re no longer buying toothpaste and detergent for you, you have to do it yourself. So I hope this post will teach you how to handle your money so you won’t have 30 cent in your bank account when you run out of deodorant. Again quick disclaimer these are just suggestions and not rules that I think will help you in the fall. With that I have 4 ideas for how to manage your money.
1. MAKE A BUDGET
Typically the week before I get paid I always guestimate the amount of money my check will be and make a budget. I usually put in essentials and one or two things I’ve wanted to buy for a long time, and then the rest is just extra spending money. I highly recommend a budget that way you’ll know how much extra money you’ll have every week, and whether you can afford to go out with your friends three times a week or none at all.
2. GET A JOB
The best way to make sure you have a steady stream of income is by getting a job. Even if your parents are able and willing to give you extra spending money, having a job is a half step closer to learning to be financially independent once college is over. Most jobs have the added perks of employee discounts, so I suggest finding a job at a place you frequent so the discount will benefit you. Having a job, unlike getting money from your parents let’s you get a tax refund early second semester, which is like a late Christmas present to most college kids.
Ok, so maybe you don’t want the added stress of a job your freshmen year of college. I suggest a summer job and saving the majority of your money from this job. This way you can come into the school year with extra money in your pocket. Again even if your parents give you money it’s a good idea to have some of your own. Your parents are more likely to question you when you call them a week after they gave you money asking for more. So if you want to avoid this conversation in the fall; save your money now, especially the money from your graduation presents.
4. DO FREE STUFF
One of the perks to being a college student is that your tuition and fees make a lot of things on campus free. So definitely go to the free events your school hosts, often they’ll give away freebies like t-shirts or cups. Also go to the sporting events especially if they’re a big deal at your school, they’ll be a lot of fun and it’s a very exciting atmosphere. There are fans paying large amounts of money to get good seats to watch a game that you get to see basically for free if you don’t think about the fees you pay. Hanging out with your friends in your dorm is also free and a lot of fun. There are plenty of things to do in college that don’t require money, and you don’t even have to look hard to find them.
Those are all of the tips I have for money management in college, I hope this helps ease some of the future class of 2020’s worries about college. If you know anyone who will be going to college in the fall, share this post with them. And if you want to hear more about my college advice check back next Tuesday. Thank you so much for stopping by feel free to leave a comment below!
PS In case you missed it you can find last week’s college advice post here!