So welcome weekend at my college just ended, and I’ve been able to blissfully watch the new freshmen struggle to adapt to this momentous transition. The one thing they all really don’t understand is how to properly budget their money. For them, it’s ordering in pizza and Uber eats every night, spending ridiculous amounts on money on non-essentials, and thinking that they have all the expenses in the world. Of course, as someone leaving college in the next few months, I can easily say that those priorities are not in the right place. Here’s what experts have to say about budgeting money in college.
College kids are spending more money than ever without realizing the potential dangers of doing so. Students who arrive at universities with scholarships think that, since someone else is paying for their schooling, they don’t have to finance or budget. But that’s just simply not true. I fell into a deep slope of overspending where I’d be out to dinner, the check would come, and all of my cards would be declined. Trust me, you never want to be that person who has to ask for someone else to pay for their meal, because it becomes straight-up embarrassing.
Instead, utilize apps like Mint that link straight to your bank account and budget money for you. Our generation is already glued to the screen, why not take advantage of that and add one more app to your home screen? The one thing that’s going to save you the most money, however, is curbing yourself from “drunk shopping” as a college student. Whenever you mistakenly order food or overspend on alcohol, make sure to readjust your monthly budget. And whenever you do get extra cash, at least 25 percent should go into a savings account for emergency fund.
Check out the full playlist of videos above to get all the inside scoops on saving during the best four years of your life.