Struggling with your finances? It's no surprise that life in 2022 can be expensive, and it might feel overwhelming to sit down and look over your bills. April is Financial Literacy Month, so we’ve gathered three tips about making wise financial decisions as a college student. Prepare to conquer your financial situation and plan for the future.
Whether you’re a student working full-time and taking classes on the side or a student focused solely on your education, practicing these good financial literacy tips can help make the college lifestyle a little easier.
- Track your spending
The best way to know exactly where your money is going is to track it. This means setting up either a spreadsheet or a Word file, assigning different categories to your purchases, and documenting your daily spend. Save your receipts, keep track of online purchases, and list your expenses efficiently to monitor exact numbers and payments. Experts recommend starting with a monthly spending tracker, allowing you to see what a month of personal spending and bills looks like. - Create a budget
After you have tracked your spending for a month or two, you can use what you find to set up a budget for yourself. A monthly budget allocates needed dollars to spending categories such as groceries, bills, car payments, utilities, shopping, and more. You get to create your budget, which means you can decide how much money gets designated for each category and which categories are most important. You can also set limits for specific categories if you believe you are spending too much in one area. Helpful budgeting sites like My Spending Plan and BudgetSimple are great places to get started. - Seek advice from a financial advisor
Finally, it's always a good idea to ask for help. Meeting with a financial coach or advisor is a great chance to have a professional review your spending and budgeting, helping you make wise financial decisions about the future. Advisors can help you set up payment plans, apply for loans, and meet your long-term financial goals. They can also help you see things from a fresh perspective and provide you with their professional insight into the overwhelming world of finance.
Taking control of your financial life is a great way to reduce your stress. By tracking your spending, creating a budget, and seeking financial advice, you can start working towards a financially secure future. If you want more tips for making the most of your college experience, visit our student resources page.