by Maria Papadopoulou

Created on: August 03, 2010

College students often experience great difficulties when trying to budget their money.Either because they confuse desires with actual needs or because they get carried away by their friends and the wrong ways they spend their money, teenagers often find themselves spending more than they can afford. Understanding and following some helpful tips can improve the situation.

Monthly budget hints for college students

1. Use mainly cash

While the convenience of credit cards is often too big of a temptation to resist, cash is the only way to keep track of your spending, and this is a lesson that every college student should learn. For even better results, start carrying with you only a specific amount of money that you will need for a specific purchase.

2. Prepaid credit card

If you insist on using a credit card, then at least choose a prepaid credit card. With a prepaid credit card you are able to set your own spending limit, which should be small, to avoid overspending. Even then, learn to use that prepaid credit card only when cash is not an option.

3.Have a list of activities lined up

Many college students tend to overspend simply because they have nothing better to do with their time. Out of boredom they  go shopping, in an attempt to amuse themselves. Having a list of activities lined up, will help you have a good time as a college student without resorting to impulse spending. Make sure those activities are interesting enough for you, not just some desperate ideas to kill your time. Pick something constructive, that will require mental, emotional or physical stimulation. Start going to the gym. Search through your bookcase to find books that you have bought but haven't read yet. Organise your photos to make scrapbooks with different themes.

4. Learn to cook

Many college students do not know how to cook and go out to eat on a daily basis. The amount of money that is spent on restaurants can be way too big. If you learn to cook, you will manage to reduce that cost significantly. You don't have to learn complicated recipes. Learn some easy to follow recipes that require a few ingredients and a little time. There are plenty of recipes available on the Internet to experiment with, so make sure you take advantage of the opportunity. Use leftovers to prepare new snacks and meals for the rest of the week, that you can keep in the fridge.

The above monthly budget hints for college students will help developing healthy spending habits, that will follow you for the rest of your life.

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