Financial Considerations to Understand as a Student

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Taking control of your personal finances begins with thinking about your goals and deciding what really matters to you.

More people get into financial trouble because they’re spending too much than because they’re making or receiving too little.

Here’s a good place to start:

• Having money or not having money doesn’t define who you are. Your real friends will think no less of you if you make your own lunch and eat it between classes or take the bus to campus rather than drive a new car. You are valued more by others for who you are as a person, not for what things you have.

• You don’t have to spend as much as your friends to be one of the group. Some people always have more money than others and spend more. Resist any feeling that your friends who are big spenders are the norm. Don’t feel you have to go along with whatever expensive activities they propose just so you fit in.

• A positive attitude leads to success. Learn to relax and not get stressed out about money. If you need to make changes in how you spend money, view this as an exciting accomplishment, not a depressing fact. Feel good about staying on a budget and being smart about how you spend your money.

Avoid the temptation to overspend on eating out

Many students find themselves eating out more often than not, but this can have an adverse effect on your health and your budget. Instead, buy yourself a student cookbook, which focuses on cheap yet nutritious meals, and learn how to rustle up some quick and tasty dishes at home.

Don’t become a party animal

Some students get carried away with parties, clubs, and nightlife when they begin their life at college. However, while this can be a novelty at first it can become a very costly habit in next to no time. Make sure you are careful about the amount you spend on going out and don’t spend more than you have budgeted each month on entertainment.

"Being mindful about your spending and financial habits as a student will not only offer immediate benefits but can teach you valuable lessons for the future as well".