Fall is an exciting time for families as all the kids go back to school. All across the country parents are packing suitcases and sending their kids off to college. If you want your kids to learn financial responsibility while studying, keep these five college spending habits in mind:
Decorating Your Dorm Room or Apartment
Your dorm room or apartment is your home for the next school year and you probably want it to be nice. Just remember that it won’t be perfect. When it comes to smart college spending habits, don’t spend a lot of money trying to make your temporary living arrangement a permanent home.
You just need a place that’s clean and safe to rest your head in between classes. Spending a lot of money on home decor just adds up to more things you’ll need to move back to your parents house next summer. Keep it cozy and simple.
Partying Seven Days a Week
College kids love to spend nights out with friends at the local pub (or at least that’s the rumor), but food and drinks several times a week can add up to a lot of spending. Limit your social outings to budget-friendly activities and set a realistic weekly spending limit.
Good college spending habits are all about finding a balance. Allow yourself to splurge once a week and keep it low key the remainder of the week. This way you don’t feel like you’re missing out on the fun festivities and you won’t blow your monthly spending allowance in one weekend.
Grabbing Food On-The-Go
Buying food on campus and stopping for snacks and caffeine in between classes can quickly add up to a lot of money. Going to the grocery store, cooking at home and packing food for the day will save you a ton of cash throughout the semester. That money can be saved for something really special like a trip for spring break.
Believing You Can’t Afford to Save
If you work part-time while studying, it’s a good idea to save a portion of each pay check – even if it’s five percent of your take home pay. Typical college spending habits tell us that students are broke, but they don’t have to be.
No matter how tight money is, saving even $20 a pay check can add up to a lot of money come graduation time. It will be a nice nest egg to start your life after you receive that diploma. Open a savings account or buy a piggy bank; it doesn’t matter how you do it, just get into the habit of saving.
Spending Like Your Credit Card Has No Limit
Getting a student credit card is always a good idea. Using credit wisely will help you build a solid foundation and make your financial life a lot easier after graduation. If you plan on buying a house, renting an apartment or leasing a car at some point in life, you’ll need a good credit score and using your student credit card wisely will help you get there.
Set a monthly spending limit and make sure you pay off your debt in full each month to avoid paying interest charges and keep your credit in good standing.
Enjoy your college semester and keep these college spending habits in mind to help ensure you live a happy money life while studying.
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