by Diamond Channing

Created on: July 17, 2010   Last Updated: July 18, 2010

One of the most important tasks you can face as a college student is learning how to manage your money. It really is not as difficult as it sounds. Try some of the following suggestions. Consider taking a part-time job if you are not currently working. Think about increasing the number of hours you work if you already have a job. Perhaps seek out a better paying position. You are going to have to learn to spend less if you are not willing to work more. It works well if you set limits for yourself. Allow yourself $15.00 a week for miscellaneous expenses. You will get slapped with lots of late fees and penalties when you do not pay your bills on time. So be sure you pay them before or on the bills due date. Be sure you watch your credit limits. Do not spend more on credit than you can afford to pay. You are likely to lose your money and your friend if you are giving frequent large loans out. Refrain from doing this. Giving a small sized loan here and there to a friend is kindness but do not be foolish.

If there is a chance you will need to return something you have purchased, be sure to hold onto the receipt. Often times without a receipt the establishment will refuse to take it back or exchange it. So you can budget for a more realistic usage history, hang on to previous bills, especially phone charges. Consider obtaining a pre-paid calling card. Even though these can be less convenient it sure beats having to pay an unforeseen $400.00 telephone bill.

Instead of carrying or mailing cash, consider getting a checking account. You are able to keep better track of your money and avoid over-spending by having a checking account. This way you always know how much money you have to work with. You are less likely to make impulse purchases by having to write a check due to the fact they are not as convenient. You can also look back every month at your spending habits when you get your checks back from the bank. It can also be difficult to keep track of how much you have withdrawn when using the ATM machine. Use the account in place of charge cards since it is too easy to overspend when using them.  

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