College Student Money Management - By Chris

Money Management For College Students
Chris Saunders Informs University Attendees How To Create A Budget

Money Management Tips For College Students

Managing a budget may not be as difficult as you might think. It may require that you change your spending habits, but with a little effort you can still hit the clubs each weekend without having to borrow spare change from your roommates.

The following suggestions are a blend of money management and good old-fashioned common sense.

If you can condition yourself to make a few changes, you’ll be amazed at the money that you’ll be able to save each month and even begin a modest retirement investment plan.

Eat in the dorms. If you live on campus and have already paid for meals in the cafeteria--then eat in the cafeteria! Those sandwiches and pizzas in the student center or at a fast food restaurant might not be expensive, but every penny adds up. The meals in the cafeteria have been paid for, so eat there and save that money for something else.

Look for financial aid. Applying for financial aid only makes sense. With low interest rates, you can live on the money now and pay for it later. Of course, you have to qualify for the aid. Visit your financial aid department and see if you may qualify for a loan—or even better a grant. While you’re visiting the office, inquire about scholarships. You will be surprised to learn that you don’t have to be the star running back to receive a scholarship. Scholarships are available for “average” students as well as those that excel in the classroom.

Want vs. Need. Needs are things you must have...college textbooks, tuition, housing, food, clothes, and so on. Wants are that pair of 'must have' jeans, CD, video game, and so on. Evaluate your purchases carefully...are you spending too much on wants and running out of cash for the needs?

Spend within your means. Having a check does not mean you have money. Don't max out your credit card if you know you won't have the money to pay for it. You just get in deeper and deeper trouble (debt). Know how much you have and budget your money accordingly. Keeping up with the Joneses is tempting, but be smart, and live within your means.

Buy used. Used textbooks can save money. Shop around at garage sales when looking for dorm furniture and accessories. You would also be surprised what ends up in the dumpster at the end of the semester. Check online outlets like eBay.com -- where you can often save greatly over buying retail. Thrift shops are another great place for buying items while still living with a budget.

Be smart. You’re in college now—use your brain! Impulse buying often results in spending money on something you really did not even want. Go to the store with a list of what you are buying--and stick to the list. Managing your money will become much easier.

By being smart with your money, applying for financial aid or college scholarships, and by organizing and sticking with a budget -- you will begin to notice the difference immediately.

Written By Chris Saunders - Rights Purchased By Paul & Party Pursuit