Budgeting and Money Management at college

Learning to budget and manage money is among the most important skills you will pick up in your entire lifetime. Starting early, in college, can only help good ideas become good habits. Especially if you are in debt, using loans, etc., it's key to make financial rules for yourself and be sure to follow through on them. Here are a few suggestions for money management:

1. Figure out how much you think you'll need per week and then budget that amount and no more.

Go to the ATM once at the start of the week (instead of every time you think you need something) and take out a previouslydecidedon sum of money. This will keep you from visiting on a whim and taking out more than you need. It will also keep you from making frivolous purchases if you have a set amount for the entire week.

2. Don't take your ATM or credit card out with you.

When you go out, bring a set amount of money instead of a card. Everyone has been or seen the person decide after a couple of drinks that a couple of more charged to the card would be a good idea. Before long, that charge becomes a tab and he or she is treating half the bar. Better to decide beforehand how many drinks you're likely to have and what the cab fare home will be and take only that amount.

3. Pace Yourself.

Especially if you're using money on loan, take care not to spend it too quickly. This goes for micro and macro scales in that you should also practice temperance when it comes to money with your weekly budget. If you have $50 for a week, don't spend $30 on lunch on Monday. If you have $50000 for 4 years, don't take a trip your freshman year.

4. Take advantage of student discounts.

Don't be ashamed, there're always a possibility and sometimes it can mean substantial savings. Use coupons and carry your student ID at all times.

5. Don't live like a Spartan.

Depriving yourself completely will just make you resentful and unhappy. Live reasonably and treat yourself every so often.

6. Take a crack at practicality.

Turn off lights when you leave a room. Don't run the tap while your brush your teeth. Buy generics instead of name brands. Use CFL bulbs. Shop at consignment shops. See a matinee instead of a night show. Use books from the library. Always grocery shop on a full stomach.