From the moment you set foot on campus, you will need to know about money. In other words, you need a budget. This task might seem daunting, at first, but not as overwhelming as not having enough cash come the end of the month.
If you have never made a budget, get some help from your parents or a trusted adult. Start with the semester as a whole. Know what your income is and your expenses, and when those expenses will by due. Then, get your calendar back out, and figure out when each expense will occur, for each month of the semester. Remember to budget in any set-up costs you will need for your room and books.
From here you will be able to establish how you can cut expenses or create income.
For example:
- Will you need a part-time job?
- Where will you be able to cut expenses?
- Knowing where your money is coming from and where it going is ESSENTIAL.
- Also determine if you will be setting up a bank account in your hometown or college town.
- Will you need a debt and/or credit card?
Money management is an integral life lesson, if you have not already started focusing on the finances, now is the time. Do your level best to avoid using credit cards. That said, things happen. So, it IS good to have an emergency plan set up, including an emergency credit card.
Additionally, check with your parents as to having a rider put on their household insurance plan. If that is not an option, look into renters insurance. Then, grab a video camera or digital camera and take photos of your stuff. Keep copies of this in a safe place. Should anything happen, documentation will be helpful in making a claim.
Get more ideas on budgets and other to-do’s concerning money in my ebook
