Contributor: Katie Avra, Outreach Coordinator at AE
Managing your money in college can be a challege. AE wants to give you some smart tips towards saving in college, making a budget, and making your money work for you!
MONEY WASTERS: Did you know that every time you skip class you are wasting your money?
Here are the facts!
UK Students who are KY residents spend $4564 per semester on tuition. If you skip classes 1 day you blew $57.05.
UK Students who are Non-KY students pay $9370 in tuition a semester. When you skip class you waste $117.14 a day.
Keeping up with a budget doesn’t seem like fun but is useful when you want to go on spring break, pay off student loans, get a new car, or take your significant other out for a nice night. Start your financial training now. Train your brain to think smarter not harder. Planning even a little can help a lot in the end.
1) Start with an excel spreadsheet, graph paper, or go online to http://financialplan.about.com/od/moneyandcollegestudents/l/blcollbudget.htm
and use their online template.
2) Track how much you are spending per week and per monthly in total. You can see how quickly your daily cups of specialty coffee and 4th meals add up!
BUDGET BREAKERS: CREDIT CARDS
1) If you already have credit cards, use them with caution. Only charge items that you know will be able to pay off at the end of the month or in emergency situations.
2) If you currently have a credit card balance, pay more than the minimum balance otherwise you are basically paying the interest.