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