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Keeping Track Of Your Finances While In College

February 16th, 2016

Keeping Track Of Your Finances While In College

College students constantly complain that they are broke. College can be expensive, what with fees, having to buy textbooks, feed yourself and possibly pay rent it’s no wonder that many college students find themselves confused about how to manage their finances. Here are some handy suggestions for keeping track of and managing your finances while in college.

Draw up a Budget
Budgets sound scary and like something only businesses or organisations might have, but setting up a budget for your semester or college year is a great idea that will help you control your spending. A budget need not be complicated. Simply make a list of all essential items that you will have to pay for during a semester, for instance, a food allowance, any course fees and how much rent you will need to pay. In addition to this, set aside an estimated sum for other expenses like getting photocopies, stationery, and clothes. If you work while you study, allocate part of your earnings that you will put into a savings account while the rest can be out towards either essentials or for pocket cash and incidentals depending on your financial status and situation.

Get Professional Help
You will need to set up and maintain a bank account and will have to pay taxes while at college. While these may be things your parents have taken care of on behalf, you will now need to take control. Remember, there’s no shame in asking as many questions as you need to from your bank when setting up an account and it is only by asking any and all questions you might have that you will be able to keep track of and manage your finances. In addition to meeting with your bankers, you may also want to look for someone who will help you lodge tax return online on time, contact ezy tax online. Today, many accounting firms offer online services that will guide you through the process and that will ensure that you lodge tax returns on time. Getting help from professional accountants and bankers will help you make smart financial decisions that will help you save money throughout college.

Avoid Excessive Spending
It’s very easy to get carried away ordering in take out while in college or running up a larger internet or phone bill that will have you spending more money than you aught. Look for easy ways to save a little money each week. Sign up for a meal plan or if you love eating out check out which restaurants and coffee shops in your area offer discounts to apply. Saving a dollar or two a week adds up in the long run! College students constantly need photocopies. See if your campus library offers student discounts and if they offer free Wi-Fi on campus. Little things like this can help you curb your spending and save money!