Finance management can be a challenge for college freshmen,
but careful planning and a little persistence will allow any first-year student
to meet their financial difficulties with success.
The first thing a new student needs is a detailed budget. A
student’s budget should have categories for their essentials, but also leave
room for their non-essentials, too. If a student has a reasonable range of
spending for each category, and never goes beyond that plan, they are already
on their way.
Another consideration in financing is avoiding impulse buys
or purchasing the most expensive brand. For many college freshmen, this is the
first time they have had money and full power over it. This creates the
temptation to buy indiscriminately. A little thought before making a purchase
will prevent haphazard spending.
The final tool that a student can use is self-control. If a
person limits how often they eat out, for example, they can afford much better
food at the grocery store. This does not mean freshmen need to maintain a
Spartan-level regimen, however. Treating oneself every so often is beneficial.
All of these techniques are essential ways that a freshman
student can manage their finances in beginning college. No system will work for
everyone, but these basic methods are a good starting point.
New students beginning their college career will be able to
make a budget with only a little care and thought. The most important thing is
to find a plan that suits each individual and then follow it.
The transition from high school to college can be easy and
fun, with a minimal amount of stress.
