10 Tips to Manage Money As a Freshman

Budgeting for first-year college students is not an easy task. As young people, freshmen have little to no experience managing their money, and what seems to be a great start to the freshman year can soon turn into skyrocketing debt and dissatisfied parents.

Rules to guarantee a headache-free semester.  

A college freshman should show extraordinary planning abilities. So use the time management skills you already have and simply pass them onto your budgeting skills. 

SET A BUDGET

Be Mindful of Your Expenses

Be aware of the expenses you have. Check out your bank statement, your cash (if you carry any around), and any subscriptions and automated payments you may be making.

Start Saving Early

Make a savings plan: it can be round up savings and auto deposits at your local bank, invisible savings, or saving through reducing your expenses. Round up savings plan rounds up your expenditure.

Build Your Credit Score 

Borrowing some money from your bank and returning it later on does wonders for your credit score, so make sure to build it up while you still can. Borrow small amounts and make sure to return them as soon as you can.

Cook on a Budget 

Make sure to go out, but do not make it a regular habit – those $10 burgers at a local pub are tasty, but a bank statement at the end of the month can make them taste pretty bitter. So plan your meals and shop accordingly, use coupons, online coupons, bulk discounts, and white-brand products.

Create an Emergency Fund 

A quick trip to the local hospital, a tire that needs replacing, or a laptop that somehow got wet and needs to be fixed happen even to freshmen. These expenses can be covered through the emergency fund, but building one can be an uphill task.

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