Atlanta — That transition from high school to college is no joke. I wish somebody would have warned me about how much it costs to just go to a party off campus. That’s why I’m here to tell you all how to budget your finances as a college student because it’s tempting to spend, spend, spend once you leave home.
My first tip is learning to say no. Yes, I’m talking about saving that $15 on an Eventbrite party ticket on a random Saturday. Choosing not to splurge on things that you don’t need is tough. I suggest thinking outside the box when hanging with friends, like going for walks or taking advantage of something happening on campus.
Another tip is to make a budget. If you wish to spend your money wisely you need to be on top of your spending habits.
The last tip is to not only make a list of monthly spending but to think of your spending habits like this, for example, the 50-30-20 rule, where you spend 50% on absolute necessities, like phone bills, rent, gas, groceries, et cetera, et cetera. That 30% is for wants like shopping, hobbies, and traveling, and that last 20% should be used for savings or an emergency fund.
Budgeting your finances as an incoming or current college student is challenging but essential in the transition from high school to college. Let the key takeaway be the importance of cultivating your budgeting skills, which will not only help control unnecessary spending habits, but also promote financial responsibility.
This guest post is in partnership with True Star Media.