Freshman year can be overwhelming. Besides living away from your family for the first time and learning campus life, understanding how to spend your funds can be even more stressful. With so many unknowns, cultivating a budget should be your top priority.
Think of your budget as a financial bible to guide you as you purchase items pertinent to your college education.
As your freshman year fly’s by quickly, it will become easier to understand how to allocate funds. Here are some tips to help kick start your financial planning.
7. Maximize Outside Funds
If you are a scholarship and, or student loan recipient, determine how the money should be spent. If the scholarship funds are ear marked for a specific item such as (books, room and board), be sure to use the funds as specified. However, if you have received a scholarship and/or loan with general specifications, use this as an opportunity to maximize the monies greatest potential.
Determine your greatest need, (housing, food plan and/or other school necessities) and use the funds there to make sure those items are covered.