Set : Managing Your Money
In order to afford college, you will need to know what goes into the cost. You may think of tuition, mandatory fees, room and board (food), books, transportation, and supplies. Some of these costs you can’t control, such as tuition. However, if you’re financially literate, you can learn to balance a budget and keep costs down on the items you can control, such as transportation and food.
You can also help your future self by saving money. The earlier you start saving money, the closer you’ll get to your savings goal. Talk to your family about savings accounts, federal savings bonds, stocks and mutual funds, college savings plans, and the other ways they can save. If you earn money by babysitting, mowing your neighbors’ lawns, or another after-school job, practice setting up a budget of how much you’ll earn, how much you can spend now, and how much you want to save in your bank account. If you don’t already have an account with a bank or credit union, talk to your family about starting one.
As you get older, you and your friends might spend more time going out to eat, seeing movies or just shopping. While these can be fun bonding activities, you should learn responsibility with your money early on. Don’t just spend money to try and impress other people. While it might seem fun now, if you choose to save money you can have a lot more fun in college and as you grow up.
Don’t be afraid to ask your parents or other adults how they manage and save money, they can offer great tips and insight on how to budget your money while still getting to do fun things.
These skills won’t just help you now or when you’re in college, but it will set up good habits for the rest of your life!
How to Make a Budget for College