However, there are statistics that suggest that students who maintain a part-time job while they’re in school full-time have a tendency to do better. Whether you have a consistent paycheck or a small side-hustle, consider the following ways to manage your money while you’re in college.
Learn to Budget
There are so many ways you can learn how to create a budget. You can take an online course or ask someone who’s known to be good with their money. You can even look at sites like YouTube.com to get more information on how to budget efficiently.
A budget allows you to decide your means, get clear on where your money is going and how you can make sure you always have it at your disposal.
If you receive a paycheck every two weeks, make sure that you assign a place for every single penny of that check.
Once you’ve created a zero-balanced budget and stick to it, you’ll conquer a major feat within the world of money management.
Manage a Few Accounts
If you put all of your money into one account and you have one debit card, it’s easy to get in trouble with overspending in certain areas and swiping in others.
To prevent this from happening, it might be a wise idea to create several bank accounts. One bank account can be solely for your savings. You can have another account that’s for an emergency fund.
If you’re attending an online university for military veterans, you might decide that you want to pay for classes as you go. Create an account that allows you to set aside money strictly for your educational fees. This will allow you to place your bills on the autopay option. Another account can be for spending money on monthly expenses like groceries, entertainment and gas.
Try to Make More Cash Purchases
While debit and credit cards are great and should be used to help you build credit and manage online transactions, it’s also good to make more cash purchases. If you have a problem with overspending, take a certain amount of cash out of your spending account. Once that cash is gone, you’re out of money. This will help you eliminate the temptation to swipe and get overdraft charges.
Maintain a Spending Limit
When you’re trying to make sure you save more money, it’s a good idea to create a new spending limit. If you have $100 left in your bank account, tell your mind that you don’t have anything in your account. Move that money over to savings. This step will help you to avoid the dreaded empty bank account.
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It’s so important to remain conscious of the money you’re spending. You never want to get into the habit of frivolous spending because your money management habits will determine your future. If you want to build wealth, you’re going to need to learn the basics of how to manage your money when it’s minimal first. Practice now, and get the basics down. They’ll serve you well in the future.
Image Credit: Pixabay
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