- Keep a budget.
- Necessities vs. Luxuries
For #1 on the list, keeping a budget is highly recommended. It is always good to know how much you are making and spending in college. Use managing sites like Mint or mobile apps to help you manage your account. You should divide your income and spending balance into categories such as dining, shopping, education, etc. If you do not work or have any income in college, you should focus only on necessities rather than luxuries.
This brings us to tip #2. Many people fail to realize how much money they have to spend and end up overspending on luxuries rather than necessities. Stick to items like food, textbooks, utilities, etc. Those are things that you should invest most of your spending money on rather than clothes, games, junk food, etc. If you have a job and you are making more than you are spending, you are more than welcome to spend a little for yourself, but most of the extra money you have should go towards education, savings, or even a rainy day fund.
Overview: All in all, it is always good to keep track of your finances and realize what you're making compared to what you are spending. Try not to spend too much on luxuries if you are in a financial situation and spend more on necessities and things that will help you in the long run.
Thanks and I'll try to keep updated once or twice a week. Let me know if there is anything specific you want me to cover and I'll try my best to get to it.
A lot of this is obvious, but overlooked. There is one thing I wonder, how do I use mint?
ReplyDeleteSigning up is fast and easy. Link your bank account to the site (don't worry, it's safe. I have done my research). Some things that you can do are make a budget to help you finance what you're spending during the month.
ReplyDeleteThe transactions section will show you what you've spend already on your bank account and you can categorize them into certain sections.
The budgets section can help manage what you want to spend during the month and can help you prevent from overspending. Some of my categories include Food & Dining, Personal Items, Income, etc.
These are really the main things people use Mint for and if you have any other questions, feel free to email me for more information.