Money-Management
Got Money?
Dealing with the lack of money in college
by Vincent St. James
If you're like most college students, you know what its like to hear the words "free food." Those words will wake up a college kid from a coma. I know guys and gals who would walk a mile for a good, tasty, free meal. Why? Because thats another meal's worth of dough in your pocket. And if you're low on cash, you know how important THAT can be.
Most college students (by no means all) aren't exactly loaded...in fact many would say they are downright poor. Think about all of the expensives you're expected to pay. Tuition. Room and board. Food. Gym. Insurance. Bathroom maintenence, air, water, privacy of your own thoughts- just about everything. It can certainly take its toll on the ol' wallet and bank account if one is not careful. I even have a friend who uses the excuse that he's a college student once the collection plate comes around. What's all that about?
Well, I'll tell you. College can be loads of fun and work, but if one isn't smart with the dollar, college can be even more expensive...and painful... than it has to be. Think its no big deal? Almost half of college graduates have trouble paying off college-expenses within the alotted time during their first job. That's no joke. And the average credit card debt for graduates, at last glance, was a whopping 2200 dollars (yes, American) for undergraduates (more than twice as much for graduate students) 'Tis why we have decided to help out our college peeps in hopes of sharing some secrets of money management that won't have you phoning your parents every weekend crying about how you ran out of chedda.
Establishing good money habits and skills will take you a long way in the future. Be smart with debt, there are times when its necessary, but if it can be avoided, PLEASE DO. Another thing to keep in mind is that, though it may sound cliche or whatnot, time= money. This is very true. The more you're in debt, the more time you will waste trying to pay it off. You think interest rates are bad... imagine losing years off of your life.
Consider this an introduction to being financially secure during and after college. To be monetarily sound in college, one should know about four main aspects of college finances. These are important enough that we have dedicated entire articles to each. First is the art of spending money. The second is knowing how to not get into trouble with credit The third is the abiliy to receive financial aid and/or scholarships. The fourth is finding, maintaining, and using collegiate work experience. If you can master at least three of these four, you'll have no problem with finances in college-- and in life. An icing on the cake would be to learn how to make this money work for you by becoming a smart investor.
No matter your immediate situation, step one is to step back, take a look at the economics of your life, and make a decision as to whether or not you want to take advantage of our free advice. Here's to more prosperous years.
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