Finances for freshmen

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.