Paste your A college fresher may be quite ignorant about budgeting his money. Many parents allow their children to manage all their expenses only when they go to college. So, when they go to college, they are faced with the additional responsibility of meeting all their personal expenses along with that extra for fun and enjoyment.
Wise budgeting is required to be done by each college fresher to be within his means. His friends may help him at times but if he continues to borrow money they may start avoiding him. A college fresher may find himself to be so free with no parent to control that he may plan to have a good life with no constraints. Many banks may also approach the college fresher with credit cards to attract them to spend more.
However, do not get into the trap of credit cards. They give the benefit of paying back the money later, but never spend more than you have and decide to pay later. Your debt would continue for months together and entice you to spend above your means. This action could put your parents and you into severe financial problems It is a very important financial tip to all college freshers, as spending is habit forming and you would never learn to live within your budget.
Some college freshers find some of their friends and classmates who come from rich families wear costly dress and are very extravagant in their expenses. This shouls not incite you to spend more. Every college fresher should realize his limitations and spend within his means only. They could know about their parents limitations and tell themselves they have come to college to study only.
Buy all your clothes requirements before going to college. If you should still buy than go to second hand shops or stores selling clothes just out of fashion at a discount. It does not matter if you have some out of fashion clothes which could be used only as substitutes. This is a good budgeting tip that could help a college fresher.
The next budgeting tip is you would have to set aside some money if you wish to join any social organization at college, who have formal parties, dating and pleasure trips. You as a college fresher would have to budget and keep aside money for these expenses also
If your college has a meal plan, use it rather than go out too often to eat. It is fine if you eat in a cafeteria or canteen once in a while for a change, but doing it too often would neither suit you nor be economical. However, if you buy food, buy in large amount if it is economical and split it with a friend. IF door sevice or at the table is costly, go to a place that has self-service and lower costs.
To conclude, it is better that every college fresher knows well about the financial status of their parents and exercise economy in their expenses. Learning to budget your expenses at an early stage of life is habit forming, and you will be a wise spender throughout your life. Never get into the vicious circle of spending by credit cards. Spend by credit card only in an emergency, when you are sure to repay the money back soon. assignment here.