Smart Borrower Center
Tools to help you borrow better
When you get to college you need to plan your class schedule, your social life and your money. Managing your money can be one of the most difficult things to do, especially since you may be living independently of your parents for the first time.
One of the best things you can do is create a monthly budget. You will need to examine how much money you will have coming in each month, and how much you can afford to spend and save. Don’t forget to include fraternity or sorority dues, cell phone bills and, if you are living in a house or an apartment, rent and utility expenses. If you are lucky, your family may help you out by giving you a monthly allowance. Or, you may choose to get a part-time job or do some babysitting. Remember, while college might not be the best time to start saving a great deal of money, if you are left with no money, or if you spend more than you make each month, you need to re-examine your spending habits so that you don’t fall into serious debt by the time you graduate.
Many banks offer special kinds of accounts for college students. Not only can you learn about savings and checking accounts, but some banks have special credit cards for college students so you can start to learn about building your credit report without getting in over your head.
Getting a part-time job can have its pros and cons. A job can increase your monthly income and therefore give you more money to spend. And working on campus can not only increase your income, but can give you valuable work experience that helps you after graduation. And when it comes time to take exams, an on-campus employer may be more sympathetic to your schedule than an off-campus employer. Just don’t let your job deter you from your main focus, which is getting your degree.
Published on September 06, 2006