For so many college students, money can be tight. Whether it is spending money or even food money, something all college students have in common is living on a tight budget.
When it comes to budgeting, you must plan – these two go hand in hand with each other. Before each month, college students should plan out their budget. Lining up expenses, planning meals, setting aside a few dollars for spending/fun money are all crucial steps when it comes to working with the set budget that you have. If you neglect and ignore these steps, you can find yourself, like so many college students do, out of money before the month ends.
Parents or any guardian who may be helping provide this budget/allowance: make sure to talk to your children about this. This is such a crucial step in learning how to manage money, especially as they grow older and start moving on their own. When things do arise, like your child calling for more money, are you going to cave in and teach them that it’s ok to break their budget? Or will you let this be a valuable lesson helping them learn from their mistakes? If you keep bailing your children from problems like this, how will they be successful or independent in the real world?
Agree or disagree? Let me know what you think!