Student Money Management Guide

Being a student isn't all fun and games and it doesn't pay very well either. That is why money management during your school years is vitally important if you don't want to be looking into debt consolidation services after graduation. While some students have resources such as scholarships or other means of funding, such as parents, most grads have to rely on part time jobs and strict budgets to make ends meet.

This is why a money management guide is crucial if students are going to survive financially during their college years. Here are some suggestions for making the school years not so lean.

Watch Where Your Money Goes

Keep tabs on your money by writing down every expense, many people find this helpful because they are able to see where their money is going. When you realize that you are shelling out an inappropriate amount of funds for pizza every week it will be much easier to justify cutting back.

Credit cards are far and away the item most responsible for the debt woes of students; they are used and overused by students all over the world. The reason for this is simple, credit card companies are more than willing to extend credit to new customers with little or no credit, student resources are inundated with offers for cards at very enticing rates.

The problems stem from the fact that roughly 92% of the recipients have never owned a credit card before and they are simply unaware of the dangers involved. If you believe that credit cards are going to be a problem than consider a pre paid card, these work as well as standard credit cards but do not allow the holder to exceed a pre determined limit.

Attempt to budget out all your projected expenses, this will help you plan how much money you will need to earn for any given time period (weekly, monthly, etc.). Don't eat out. You can easily buy a days worth of food with the money you spend on one meal at a restaurant, and you can eat healthier too.

Think Frugal, Live Cheap

Ride your bike around campus / town or better yet, walk if the distance is not too far or utilize public transportation when possible. If you own a vehicle use it only when other modes of transportation won't get you where you want to go. Flash your student ID around as many places give discounts when you show them that you are enrolled at one of the local colleges.

There are also many repositories for used text books, these books work just as well as new ones and are considerably less expensive, seek these places out and purchase your books well ahead of schedule, the longer you wait the harder they'll be to find.

The financial aid office at your school may be able to help you structure a budget and guide you in the right direction as far as money matters go. They are well versed in helping students live a frugal lifestyle; they can also give pointers in things like debt consolidation if necessary should it gets to that point. They are not professional debt consultants but they have been down this road before with many students and are qualified to give advice on where quality help can be obtained.

Keep in mind that just because you are living a frugal lifestyle that does not mean that you are not allowed to have some fun. If you want to go see a movie every once in a while than by all means go ahead, just don't over do it, you need a break and your budget should allow for you to participate in some type of festivities every so often.

Making good decisions and putting restraints on your spending is critical for your financial survival. For example, large numbers of students find coffee to be an important aspect of their daily routine, which is fine, but do you really need that $4.50 cup of Starbucks all the time?

Living Arraignments

If you have taken out a student loan make sure that you use it for school expenses only; this does not include funding a trip to Cabo for spring break. They should be used strictly for tuition, books, room and board only. While dorm rooms are certainly a unique experience they are cramped and privacy is at a premium.

Finding off campus housing to share with three or four others is an option that many students choose. Splitting the rent and utilities with several other people can not only be a cheap way to live it may also cut down on guys with beer bongs pounding on your door at all hours of the night.

Ask for help if you need it. There are plenty of resources available to students concerning money matters. Learning institutions are very aware of the hardships that students face and are uniquely equipped to help. As difficult as it may be ask your parents for help explain your situation and convince them that you are making an honest effort to make ends meet.

Trust me, a few moments of embarrassment and lecture will be worth avoiding a lifetime of creditors breathing down your neck. If you still find yourself in debt than it may be necessary to pull in the financial reins a bit more.

You Will Survive

Avoid taking out loans to pay off debt, loans do not help anyone manage their money better, in fact it usually makes things worse. After you have set up your budget and planned your financial strategy be certain to pay your essential expenses first. You may still find that your income falls a bit short of what your budget calls for.

You may need to tighten your belt a bit more or work a few extra hours washing dishes at the local diner but always remember that as difficult as it may seem there is always a way. Every situation is unique from yours and it is up to you to find out how to make your particular situation work for you to assure your financial success now and in the future.