Okay quick reminder - we are reviewing Hon John C Ninfo II tips on creating a budget in college. His organization Credit Abuse Resistance Education - CARE Program is working hard to teach financial responsibility.
This is geared toward someone who is just leaving for college - HOWEVER, these tips can be applied to people already at school. It will give you some basic concepts on getting control of your money so you can start to save TODAY - for your future.
For the first 5 tips read the post from Nov 8, 08.
6. Make sure you have researched the direct expense at your particular college and the costs of things in the surrounding area. Check out all the activity fees at the school and what the cost of living is in the area. (Washington D. C. vs. Harrisburg PA) so you know what things like gas prices are.
7. Know exactly what your parents will contribute. Remember, although your parents may agree to pay for things at school like clothing, it may be because they think you will only be buying a few things a month. If you go to the mall every weekend and come back with an armful of clothes, your parents may change their mind and not pay for them at all.
8. Do a first draft of your budget with realistic expenses. Does it balance? Are you in the BLACK because you have some extra funds or in the RED because your expenses are higher than your available funds?
9. Start making adjustments (I will work more hours at my school job) or reducing expenses (I need to get a coffee maker for my room) if you are in the RED. If in the BLACK - increase your savings in your emergency fund.
10. When you get to school, try to stick to your budget faithfully in the first month so that you can see how it is working. Then, if the budget needs adjustments because you over looked or miscalculated something, discuss it with your parents and decide what you can do to make it balance. Be flexible. Creating a budget and then sticking to it is a life long process.
Remember Generation Millionaire - the goal is Freedom - Financial and Mental.
WISDOM BEYOND YOUR YEARS. You will reverse the current trend of overspending and thoughtless financial decisions.
Stay tuned..........
This is geared toward someone who is just leaving for college - HOWEVER, these tips can be applied to people already at school. It will give you some basic concepts on getting control of your money so you can start to save TODAY - for your future.
For the first 5 tips read the post from Nov 8, 08.
6. Make sure you have researched the direct expense at your particular college and the costs of things in the surrounding area. Check out all the activity fees at the school and what the cost of living is in the area. (Washington D. C. vs. Harrisburg PA) so you know what things like gas prices are.
7. Know exactly what your parents will contribute. Remember, although your parents may agree to pay for things at school like clothing, it may be because they think you will only be buying a few things a month. If you go to the mall every weekend and come back with an armful of clothes, your parents may change their mind and not pay for them at all.
8. Do a first draft of your budget with realistic expenses. Does it balance? Are you in the BLACK because you have some extra funds or in the RED because your expenses are higher than your available funds?
9. Start making adjustments (I will work more hours at my school job) or reducing expenses (I need to get a coffee maker for my room) if you are in the RED. If in the BLACK - increase your savings in your emergency fund.
10. When you get to school, try to stick to your budget faithfully in the first month so that you can see how it is working. Then, if the budget needs adjustments because you over looked or miscalculated something, discuss it with your parents and decide what you can do to make it balance. Be flexible. Creating a budget and then sticking to it is a life long process.
Remember Generation Millionaire - the goal is Freedom - Financial and Mental.
WISDOM BEYOND YOUR YEARS. You will reverse the current trend of overspending and thoughtless financial decisions.
Stay tuned..........
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