Money Management Tips For College StudentsCredit: Free Stock Photos
Money Management For College Students
College students need help managing their money. When I was in college, I remember thinking nothing about money.
Everything I did was based on school and having fun.
I never considered my financial decisions and how they would affect my future. Plus, college was full of opportunities for me to get in trouble with credit cards.
Everywhere I went there was credit card offers. They made it so easy to get one. Also, the incentives they offered to simply fill out a small form was too easy.
When I started college, I signed up for 3 different credit cards and received them all.
I used each one and got in so much trouble financially. I didn't have any clue what I was doing. Also, my grandmother had given me money for my first semester.
Because of this, I had thought that I could afford things and not worry about what I did with the money.
Needless to say, I got into a lot of trouble and ended up with charge off's on my credit report.
It took me a long time to get rid of the charge off's and clear up my credit report. If I could have gone back and stopped myself from getting those credit cards.
I wanted to write something that would help parents and college students with money management so they can avoid the problems that I had.
Here Are 10 Money Management Tips For College Students
- Set A Budget - Set up a budget that clearly defines what money will be spent.
- Get A Job - It is important to have some money coming in even if it is a part-time job.
- Start A Savings Account - This will teach about saving.
- Get A Prepaid Credit Card - A prepaid credit card is a great way to build credit and not worry about getting in debt.
- Start A Meal Plan - It is important to have a meal plan in college if you are not already on it.
- Report Back To Home - This is a good way to keep tabs on how you are your college student is doing.
- Keep A Financial Statement - Learning how to keep a financial statement will further your financial future.
- Take A Financial Course - I like this one the a lot. College is about learning and why not use the college you are going to learn about finance.
- Start An Investment Account - Starting an investment account now will help you learn how to not be scared of investing.
- Start A Money Management Club - It is best to get around people who are doing the same thing you are.
I hope these help. If you have any suggestions, please put them in the comments below.