Understand Wants vs. Needs
The most important thing you can do while in college to secure financial stability afterwards is to budget. There is a plethora of opportunities to overspend, especially when a plastic card handles your expenditures instead of cash. Students can depend on their credit cards, and having a the ‘college experience’ to a point that it ruins their credit, and causes them to have debt. Living away from parents changes the cost of living for college students, and the best way to come out of college debt free is to manage money through budgeting.
A weekly budget will keep expenditures minimal and safe. A set amount of money can be set aside for groceries, gas, and meals out. Any major payments can be saved for over time, and one can pay themselves first each week through money made at work or allowance. This keeps the budget relevant and attainable. One can still have fun and embark on awesome adventures as they keep track of their money, and what they do or do not have. A budget will keep students from spending what they do not have, or hurting how much they can spend the next week, which ultimately helps them avoid debt/payment problems.
A ten minute process of planning a budget could help financial futures astoundingly. If a student can differentiate between their ‘needs’ and ‘wants’ money will be saved, along with credit. In this way, graduation can come and no worries will be placed on not being financially secure. If one can maintain a budget, and focus their priorities through the process of attaining their degree, they will be well-off when they are handed the diploma.
Aubrey Daugherty, Fairview High School