College is not only about social growth but is also a time for developing a sense of financial awareness. Before this period, most students have not had the chance to properly assess how they use money; however, this changes once you are far from home and are expected to handle your own finances. This can be frightening at first, but it is also an opportunity to educate yourself on your spending habits, a life skill that will be important post-college and into adulthood. When thinking about money, I found it important to place spending limits and to categorize which expenses are essential and which are not. In other words, I assess my needs versus my wants. I determine my necessities, setting aside money for books that I will need and for travel. When creating my budget, understanding how much I need for travel is essential because I often have to arrange my transportation, be it by air or train, months in advance. This strategy is especially helpful for those who travel by air because booking your flights earlier can be useful for saving money than booking it closer to the date of your departure.
Organizing a budget that addresses the costs of important expenses will make you more comfortable in spending for recreational activities and other social functions. I find that I tend to worry less about expenses when I have already crossed off the essential matters off my list. Of course, this does not mean that I should spend recklessly on social matters. I remain aware of how much I am spending and find it helpful to limit the amount of times a week I go into town or purchase meals that are not supported by my meal plan. This makes it easier to save because I remain mindful of my finances in any particular situation before making the decision to partake in the activity. A great way to ensure that you are able to enjoy social activities without having to worry about money would be to find a source of steady income. Work Study positions are a good way to make money that you can use for any necessities that you might need or other expenses that may arise. Many students usually secure a position throughout the semester or year to build their finances as they study. Whether holding a work study position or another job, it is beneficial to think about whether you would like to set aside a small portion of your income towards your savings. It does not have to be much, but building this mentality can make you cognizant of the importance of saving or learning how to ration your finances. In college there are various expenses that you may have to make, from large ones like paying for tuition or transportation to smaller ones like laundry, but learning how to budget will provide for a much smoother experience both academically and socially.