You made it to college. The folks have unloaded the old station wagon and your futon is now your bed and dinner table. All the packing and unpacking has made you tired so you run down to the student hall and spend $20 bucks on energy drinks and chips. Problem is you only have $100 for food for the entire month.
Now you have only $80. You have no extra funds allocated for social activities either. It’s time to start managing your money wiser before you end up eating someone else’s leftovers.
Money management is something that every adult does, including you. Some are better than others. People who are really good at managing their money understand the value of a dollar. They understand that if you spend all of your money in the morning, you have none for the night. Furthermore people who manage their money well know that overspending on credit cards can lead to major headaches down the road.
Do not take credit card offers just because they give free bottled water and a shirt with your school mascot when you sign up. The more offers you take the more opportunities you have to acquire massive debt and possibly destroy your credit for years to come.
Know that the government is happy to provide you with a student loan (God Bless America), and that they will come after you when you don’t pay the money back. A scholarship does not have to be paid back. A loan on the other hand is a very big responsibility. Come up with a plan on how you are going to pay the loan back before you research options. If you get an offer for a $10,000 student loan, accept only $5,000. The extra debt will come back to haunt you.
Put your cash in a checking account and get a debit card to make purchases. It is a lot easier to spend cash when it is always in your pocket or purse. Use your debit card only for necessities. Now you are thinking responsibly and building trust with your bank at the same time!
Look out for samples. College campuses are a marketer’s playground. This means free samples of everything from energy drinks to ink pins. Try out a career fair. Companies from a wide range of industries will be there with product samples and promotional giveaways. The best part is that the companies want to get rid of all of their promo items so that they don’t have to pack it up when they leave. Just your luck!
