Developing good money management skills while you are in school is one of the most important things you can do to prepare yourself for life after college. You may think that once you’re making a salary, budgeting and the rest will come easily. But it’s this kind of attitude that contributes to the amount of debt recent graduates find themselves in. Figure out how to manage your money – or lack thereof – and you’ll be in much better shape to navigate your financial life not only post-college, but while you’re still on campus, as well. You don’t want to find yourself asking for a bump in your student loans every month you overspend or blow that budget.
Once you realize exactly how much you’re spending on frivolous purchases (or late night pizza runs), it’ll be that much more difficult for you to put down that debit, or worse yet, credit card, to pay for those things. (Don’t cut all the fun out in your budget though. Leave a little room for “play money” when you’re able, or you’ll burn out without any diversions.)
We’ve come up with a list of college money management tips below that could keep you from overspending and better prepare you for budgeting after graduation. Who knows? You may get so good at money management that you’ll be giving tips to those of your peers who may not be as budget savvy as you’ve become.
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