Budgeting money is one thing that all students deal with during their college years. Many college age students do not work during the school year and as a result they end up spending all of the money they have saved up working during the summer. Even with many stores that sell goods for very low prices such as Wal-Mart or Dollar General surrounding many campuses many students still have problems deciding what they should and shouldn’t spend their money on. Many students have never lived on their own before college, and they leave for college with no idea on how to save and spend their money. This is often because before college their parents have made all of their decisions regarding the spending of money. This is when budgeting becomes a very powerful tool for college students and particularly freshman.

When students are still in high school many products such as shampoo and toothpaste are purchased by their parents, so many freshmen forget to save money for those types of products when they leave for college. This can be disastrous for college students when they have to call home and beg their parents to lend them more money so they can buy necessary products that they don’t have the money for. One thing a freshman college student can do to avoid that is ask older students how much money they approximately spent per month on essential items. This will allow incoming freshman to get an idea about how much money they need to set aside per month for these products.

Budgeting is also very important when students are purchasing books for classes. Most bookstores across the country are extremely overpriced and charge students a ridiculous amount for books that cost less than half their selling price. Another tip for freshman college students that will help them save money is to shop around online for books for a lower price. If internet access isn’t available, students should ask around on campus if anyone has any of the books that they need. Many upperclassmen know how expensive books are will sell their books to incoming freshman for as low as $5 or $10.

Another tip for freshman to better budget their money is to eat at the college cafeteria, many colleges make it mandatory for freshman to get a dining plan. Instead of spending money on grocery shopping or going out to eat, they should grab a few friends and go down to the cafeteria. At most cafeterias there is a huge selection of different types of good food and it is normally paid for through a swipe of an identification card. Another common misconception that many freshmen encounter is the idea that they have to purchase a new outfit every time they go out. This can lead to unnecessary spending at local malls or shopping areas. Students forget that they are now living with built-in friends and roommates one huge advantage to this is being able to share and borrow clothes. Keeping this in mind will definitely help freshmen while they are budgeting their money.

About the Author:
Jeff Nelson gives advice on money management. His advice helps you to eliminate your debt faster. To make online Budgeting easy and set up your budgets for each category you are targeting, visit www.mint.com

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