What Every Bright Eyed College Freshman Must Know About Money Part 3
written by Credit-HQ ExpertBut it will take perseverance, a good organization system and patience to get financial aid that can get you through college. Its worth it to put in the time well in advance of needing the money so that when you show up for school on the first day, the money is there for you. If you are stating to apply for a FAFSA loan or other forms of student aid six months in advance, that is not too soon. Many of these programs are government backed so getting your paperwork through all of the institutions involved takes time and attention to detail.
Develop a budget plan that is based on your cash flow. You should know on a weekly basis when money will be showing up in your bank account or in the mail so you are looking for it. You should know how much money you have and how much is coming in so if a check doesn’t show up, you get right on the problem and find that financial resource. You should also know what your weekly expenses are. If you have your living expenses paid for so you have a student cash card to use for your meals, keep track of that card and of the balance on the card. The last thing you want is to show up for breakfast one morning and you have no money to pay for food.
When you went back in the house for dad to show you how to balance a checkbook, learn also how to organize a budget that can help you keep track of all of these expenses and income resources. A good computer spreadsheet is a great way to organize your tuition payments, your food expenses, budget money for gas, clothing, and books and even for dating. You can get quite specific on your budget so you have money set aside for everything from your next haircut to your car payment or the money you send off to help feed starving orphans in Africa. Make a plan and live within that budget and you will find your financial woes much less troubling for your entire college career.
When you have learned to manage the many financial “events” that go into our first year at college, you may then be ready to move off campus into your first apartment. Even if this means moving in with some roommates, think about the responsibilities you should be prepared to attend to for this first home away from home that you can call your own.
Talk to the apartment management and have them explain the lease to you. If it is a one year lease, you don’t want to sign that if you only have a few months left before summer when you might be moving back home. Also get a feel for the extra fees that are part of having your own apartment. That includes first and last months rent, security deposits as well as living essentials like furniture and kitchenware.
Going to college is a growing up experience. Managing your money by yourself is a big part of being an adult so you keep your bills paid and have a little money in your wallet for fun each week as well. So take the financial side of your first year away from home seriously. If you do, you will have a very successful first year at college that is exciting and fun because you know you have your financial life under control.
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