College Budget Management Tips

Heading off to university or college is an exciting time for students that are looking forward to learning new things, making new friends, and having the chance to live their lives free from parental restraints. Although striking out on one’s own is a key step towards adulthood, many students aren’t adequately prepared for the various duties that must be organized properly in order to enjoy the experience.

If you are a college or university student preparing to attend for the first time, you must rapidly learn to keep class schedules, build successful networks and, most importantly, organize your finances. This can be quite a challenge in the exciting campus world.

Create a Budget and Stick To It

A recent survey revealed that college students who entered school during this past economic crunch were more aware of managing their finances with six out of ten tracking expenses and maintaining a budget. Even today, tuition and other related school prices continue to soar while available money continues to be hard to come by. Therefore, it is extremely important to create a budget and then stick to it if you want to get the most out of your higher educational experience.

Share Expenses

Although it may be nice to have your own apartment, the reality is that most students share a dorm room or apartment with one or more others. This has much more to do with saving money than being social since shared rent, utilities, computer and phone lines, etc. can cut these necessary expenses significantly.

Shop for Bargains

It can be quite tempting to want to buy the best of everything. The latest mobile device, fanciest backpack or briefcase and hottest designer clothing might make you feel like the king or queen of the campus, but the reality is that splurging for the sake of popularity can put you in the poor house quick. A great deal of money can be saved by buying school books, clothing, apartment furnishings, etc. at second hand stores. Seek out clothing sales and knockoffs at stores instead of heading directly for the name brand items.

Food is another item that you can easily overspend on both at the grocery store and at restaurants. Be choosy and shop for bargains at the grocery store. Generic brands are often much less expensive yet offer similar quality to more expensive name brands. Find quaint, less expensive cafes or pack your lunch instead of overspending at high priced restaurants and fast food establishments.

Transportation & Recreation

Getting to and from places is necessary, but it doesn’t have to be an expensive endeavor. Avoid driving your own car since there is considerable expense involved with insurance, maintenance, gasoline and parking fees. If you do have a car or are looking for cheap transportation, consider ride sharing. Walking, biking and public buses are other cheap forms of getting around.

Recreation is an absolute must in college. However, you don’t have to attend constant concerts or hit expensive clubs to have a good time. Most communities offer free or inexpensive theater or dance events, festivals, game/study rooms and other types of fun. Most college campuses also provide a variety of sports and activities to keep students entertained without draining their funds.

Be Careful with Credit Cards

Many students now carry one or more credit cards. However, there are a couple of real dangers with doing so. First of all, it can be very tempting to purchase items on impulse with credit. This can lead to higher credit card payments which, in turn, deplete funds for both necessary items and social events.

Secondly, credit card theft is on the rise with students being favorite targets. Statistically, college-aged adults 18-24 years old have the highest percentage of reported credit fraud at 8.5%. If you carry credit cards as a college student, it is extremely important to practice credit security at all times. One way to do this is to obtain help from a credit protection agency that daily monitors your credit and makes you aware of any suspicious activity. Although a monthly fee is involved, it can save you thousands of dollars and considerable aggravation from credit fraud and a ruined credit score.

Amy Johnson is an active blogger who is fond of writing articles on credit monitoring and advising people to monitor your ID to keep an eye on wrong data entered in your report. Follow her on Twitter to know more onhow to get the most out of your college experience by budgeting finances.