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.
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.
Establish Income
It’s always helpful when a college student can establish income. Whether you locate a part time job, work study or paid internship, finding a way to establish a stream of revenue will always help with everyday needs. If you happen to be gifted in styling or cutting hair, be sure to broadcast your talents and watch an influx of class mates request your services.
Write the Plan and Make it Plain
Regardless of the goal, preparation is key to finding any form of success. Create a spread sheet and itemize your day to day operational needs. For example, (groceries, clothing, transportation, etc.)
Planning your expected expenses, will help you remain organized and aid in limiting the threat of a negative account balance.
To provide context, if you are the fortunate freshman with a car, log how much you plan to spend on a weeks worth of gas. To stay within budget, you may need to occasionally turn down free rides to friends. After you create the plan, stick to it and try not to deviate from your budget.
Also, accidents may happen, so it’s always nice to incorporate a savings plan as well, just in case you overspend.
Determine What is Important
It isn’t necessary to attend every party and event on campus. If you do not have $20 to spare on an entry fee, save your money.
There will be countless of other parties to attend during your collegiate career. Have you met friends that love to shop every weekend? Take a rain check sometimes.
The most important goal here is to avoid spending an unnecessary amount of money, when you know the funds can be placed to better use. (Honestly, as a freshman there is much more fun on campus, geared specifically for you.)
Freshman year is a bonding year, so get to know your class mates and have fun together without breaking the bank.
If you Want it, Save for It
Many freshman can quickly become attracted to campus organizations and the events that are held. For example, if you know for a fact you desire to enter a pageant, please understand that pageants cost money. Many pageant contestant’s will attest that their participation not only took commitment, but also required funding.
Again, save your money for events such as these, so that you are prepared.
Start Now for a Brighter Future
Calculating what works best for you will not only help you survive college, but it will also prepare you for the real world.
Upon graduation, establishing a financial plan will become even more crucial. Use your freshman year and every year after, as a crash course in developing accountability and responsibility.
Nothing is more gratifying than being able to take adequate care of yourself and not having to call home for rescue!
Ready for college but not sure what to expect, or even bring? Before you say goodbye to your parents and friends, check out this ultimate guide to surviving your first year in college, and in particular at the country’s 107 historically black colleges and universities (HBCUs). We created the #HBCUFreshmanBible to help build a bridge for students to make a successful transition from high school to black colleges, you can read more here.
