Managing Your Finances

Your freshman year at college may be the first time you are on your own. If you have a job while in college, it is important to budget your finances. You may dread doing it and procrastinate, but it is important to figure up a monthly budget while you are away. The good part is once you do it, as much as you were dreading it, it’s done and you don’t have to do it again unless something changes!

As a freshman, you may not have many bills that you have to pay each month, but you should still figure up your budget. This will help cut down on unnecessary spending, especially when you’re lonely.

When working on your budget, take into account all your monthly bills, a food allowance if you need to, as well as an allowance for gas in your car if you have one or public transportation. Once all of these necessary items are accounted for, then designate an amount that you want to save each month. This is also a necessary and important part because if next month your schedule at work changes and you don’t have as many hours, you won’t be stressing that you don’t have money for your bills- you have some saved up!

After you think of all the not fun stuff, then allow yourself a certain amount to have fun with. And it shouldn't be the balance of your monthly amount, either.

It may be hard at first to get used to following a budget, especially when you want to spend more on the fun stuff, but it will be worth it. You don’t want to get lonely then go shopping and come back with $100 of clothes or books and not be able to pay your bills next month or not go out with your friends. Splurging on all those clothes may make you feel good at the time, but it won’t later and a budget will help you manage that your first time living on your own.