Thus far, if you're like most high school students, Mom and Dad support many of your expenses. Now, going to college, it's time to take responsibility and control your own finances, at least to a certain extent.
In this post, I'll show you five ways that will really help you learn what it means to be financially responsible. It may not be fun, but it's a lesson to best learn early on. Who knows, if more people were financially responsible, America might not have so much debt!
Getting a Job on Campus
If you're applying for financial aid, you might want to take advantage of doing a work-study position. This will give you a chance to earn some extra money on the side without impacting your academics too much. For those of you who haven't been employed yet, it's a great starting point and should definitely be experienced. Lastly, you'll have appreciation for time spent and money you've earned.
Paying for Your Entertainment
Whether you're attending a community college in Maine or New York City, it's not hard to find ways to have a good time without spending a ton of cash. Start being financially responsible in college by paying for your own entertainment. You'll get a solid sense of what everything costs and you'll appreciate what you're doing more. Also, you might have a better time!
Discussing with Your Parents
Guess what? You're parents are probably a great resource to plan out your finances. Asking them simple questions about your spending or income might lead to some great financial insights. It's too bad most students won't do this, but if you do, you might learn a lot!
Living Off Campus
You may not want to make this move until your junior or senior year of college. For community college students, that means after transferring to universities. However, when the time comes, living on your own and paying for it will force you to become financially responsible rather quickly. When you have monthly payments to keep up with and a storage unit because all your stuff doesn't fit in your apartment, important skills like financial planning and budgeting can be put to use. The earlier you can hone these skills, the better off you'll be.
Paying Off Student Loans
If you've followed the first step, getting a job on campus, you might already be on your way to paying off student loans. Even if you didn't get a job, take an hour to really examine your student loans:
- How much money have you borrowed in loans?
- When will you have to start paying?
- What is the interest rate?
- How much debt will you have coming out of college?
Now, obviously, if you're attending community college, you're student loans will be quite low in comparison to most college students. But, either way, it's important to take the time and know what you're getting yourself into. Then, try to get ahead early by starting to pay of your loans quickly!
Sometimes it is tough to be financially responsible, especially as a new college student. However, managing your finances is an important skill that everyone should have. So, take the opportunity to learn while you're in college because it'll help you for the rest of your life.
About The Author
This article was written by Dixie Somers on behalf of extraspace.com. They offer Fairfield NJ storage units.