| College can be an exciting part of your life. | | | | before that you weren't prepared for. |
| You're having all kinds of new experiences | | | | Estimate what these things cost you yearly |
| and you're also taking on new | | | | and divide it by twelve months. This should |
| responsibilities. Your new found independence | | | | give you and amount to save monthly so that |
| isn't all fun and games. You have to learn | | | | these irregular expenses don't surprise you |
| how to live your life on your own and college | | | | and get you off track. When you don't prepare |
| is the perfect time to learn a lot of life | | | | for the inevitable, then you'll inevitably |
| lessons. One of these lessons is learning how | | | | end up in debt or in some other serious |
| to manage your money. Learning how to create | | | | financial trouble. |
| and stick to a budget is nothing short of | | | | |
| challenging for most people and you might | | | | Preparing for every little emergency and |
| appreciate a little guidance. | | | | eventuality may sound good in theory, by it |
| | | | is actually hard for a lot of people to stick |
| The first step is to plan out and write down | | | | to their budgets consistently. It takes |
| your budget. Using a money management program | | | | practice and college students are just |
| or spreadsheet on your computer can be a | | | | starting out. You may find it difficult at |
| helpful tool as well. First, figure out how | | | | first, but consider your budget one of your |
| much income you have coming in. Count | | | | classes. You're learning as you go and you're |
| allowance from your parents, student loan or | | | | not expected to do it perfect on your first |
| financial aid money, as well as your regular | | | | try. You will find yourself adding expenses |
| income from your job. Deduct your major | | | | and taking others away, your income and bills |
| expenses first, such as tuition, books, room | | | | will change and you'll need to constantly |
| and board, power and water bills, phone bills | | | | adjust your budget. |
| and any other regular expense that you have | | | | |
| leaving each month. Some people stop here and | | | | Take notes each month, whether it's in a |
| end up running out of money anyway. This is | | | | notebook or on the computer, so that when you |
| because they didn't take it that one step | | | | plan the next month's or year's budget you'll |
| further and figure out where else their money | | | | be able to review what problems you ran into |
| goes. | | | | before. You may decide to save more for |
| | | | December because last year you ended up |
| There is a lot more that you need money for | | | | buying more last minute gifts than you |
| than just bills. First is food and gas. | | | | expected, ended up going to more parties than |
| Figure out what you'll need each month to eat | | | | you planned and spent way more than you |
| and get to and from work and school. Figure | | | | originally budgeted for yourself. If you have |
| out the things that you periodically need and | | | | big emergencies or just don't make enough |
| set aside money in a savings account for | | | | money to get through your college years, then |
| these purposes. Oil changes, trips home, | | | | you might consider taking out student loans |
| Christmas expenses, unusually high summer or | | | | or private student loans, which have special |
| winter power bills, whatever has come up | | | | rates and qualifications for students. |