Now that you are in college, you are on your own. Personal finances are tough, however you can make them easy and it’s all in your own hands. Just make sure that you don’t go on a spending spree, now that your parents are not here to control you and guide you. You need to play smart and keep yourself from falling into a financial rut which can happen very easily. However, if you play your cards really smart you could end up making some money in your spare time and have fun earning, while learning.
The first thing you need to do is, join a credit union. Don’t just sign up with any bank randomly like the ones that offer Frisbees while registering. You need to check out the entire town and select a good bank. It would be a good idea to locate an online bank on the Internet and sign up with them. Online banking has its own advantages and you can get away without paying charges which would otherwise be charged by regular banks. It is better not to rush into signing up for a credit card. Remember that you cannot be spending money that you don’t have, and that is exactly what you would be doing if you have a credit card. Paying your bills promptly would be a great way to start. The best option would be, to not accumulate the bills and pay them off as soon as you get them.
It is a great idea to carry a small notebook and record every purchase and expense. Tracking your expenditure and making sure you are not overdrawn at the bank can help avoid paying unnecessary interest. Make your own budget, however small or ridiculous it may appear, once you put it down in writing it makes a lot of difference. Maybe you could score off the unimportant expenses that seemed essential earlier. Try to stick to the budget you have drawn and focus on living within means. You are going to need to buy textbooks, however, if you scout around for used textbooks either from your contacts or even online, you could strike a good bargain and save even up to 50% at times.
Avoid going out with friends on trips and spring lunches which can mean expenditure which may not be worth the temporary fun you plan to have. Don’t hang around with kids who are big spenders. They could be from wealthy backgrounds and trying to keep up with them will ruin you financially besides making you cut a sorry figure. Find friends who are more at your level in status and share the fun if not the money.
Learn to manage without a car as cars can be very expensive with recurring expenses on gas, maintenance, parking and insurance charges. Riding a bike is preferable, or the best option would be to use a bicycle that is great for the environment and good for your health. It will burn away a lot of calories.
While at college, focus on your education. Try to get the best grades as they will stay with you and help you progress in life.
This is a guest post by Mark Bennett of Saveology, a site that offers savings and latest news on Comcast tv.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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