Keeping Up With Finance
As college students, everything dealing with college, unfortunately, pulls us back to our cause of worry and relief; financing. We could have our money all together, falling everywhere, or somewhere in between. Our main concern is acquiring it or saving it. That said the core focus of is how to keep it together, indefinitely. How can you be a responsible student when it comes to handling your money?
Take Out Small Sums
Taking out sums of money is an easy and simple task. For those like myself who receive full scholarships and don't have to pay for college, taking out some money given back through refunds is a great idea to start saving. Don't just use up that refund money, take it out and put it somewhere secure. Let that be another secure account that you use for savings or another bank altogether. The same thing goes for those who do have to pay for school or who even have loans to pay back. Yes, it is important to pay back loans, but it is also important to have money for yourself in case of emergencies. So, whenever for whatever reason you get a chance, take out a small sum of money. Try to make a schedule of this, either mark it down on your calendar for every month, which is a good stretch to gather the money needed for the transfer, all the while buying your essentials: Or, if the money flow for you is good at the moment, schedule your take-outs for every week. Remember these are small sums of money.
For my small sums, I started to take out twenty dollars every month and place it in a secure account where I don't spend the money. After a while, I started going for about forty dollars and then sixty dollars. We want to keep these sums small so that they slowly add up without affecting your required money spending. So, I will not go over sixty dollars. That will be my limit of the small sums I take out. Think about what works best for you.
Pay Back in Nice Amounts
If you are someone who owes money to loans or anything else, another great idea (that everyone knows but it's nice to reiterate) is to pay back what you owe in nice amounts. When I say nice amounts, I mean like the explanation above in the terms of small amounts. But instead of starting with twenty dollars, try to start with something a little more realistic pertaining to how much you owe back; sixty dollars, for instance. As for saving money, sixty dollars would be a limit but paying back money, sixty dollars is a nice start. Remember, never push yourself too hard when it comes to these money problems. Always take your time.
Create a Budget
Creating a budget is a great way to stay on top with your overall use of spending and saving. We know ourselves, and sometimes we go over our limit or try to stretch it out without really thinking about the consequences. Look at your bank transactions and take note on how much money you spend daily, weekly, then monthly. When you're done, take the monthly amounts and compare them to one another. Do the same for daily and weekly just to see what you have going on. Is your spending a little excessive? Or are you good at keeping things together? Either way, look at these amounts and give yourself a set amount for how much you need to spend. If you spend a lot of money daily, give yourself a max at what you can spend. If you spend a lot weekly, go for a weekly budget and if you spend a lot monthly…well… you know. It's always great to have a personal budget just to watch yourself because sometimes with the haste of college, jobs, and reality, we tend to lose sight on the money we use to keep it all rotating.
Always Check Your Account
The most important thing to always remember to do is keep up with your account. If you're someone who is scatterbrained easily, make a schedule for yourself of when you need to check. Keeping up with your overall account helps you stay on your feet about your situation. And always, in every circumstance, know your limits.