Getting into good spending habits while you’re in college
November 16, 2011
As a teenager, you may have spent your paycheck from your part-time job on leisurely activities, but these habits will have to change once you get to college. Although earning a degree and living away from your parents is meant to be an enjoyable experience, it can have a significant impact on your finances, especially if you keep living a carefree lifestyle.
On top of tuition, you will also have to be able to financially support yourself while you're away from home. This means spending money on necessities, such as food and housing. Although it may not seem like a lot, the stress will eventually get to you if you don't learn how to use your cash responsibly. However, there are a few habits you can get into to make it easier.
First, put at least half of your paycheck into a savings account to pay for necessities, whether it be clothing or food while you're at college. Next, try to cut back on leisurely expenses. For instance, go to the movies less and stay in with a rental instead.
Finally, take advantage of free help when it's available to you. College grants and scholarships are a great way to reduce the cost of tuition and other expenses over time.
No comments yet