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Make a Plan Okay, we've all heard the nasty statistics: The average college student graduates with $16,000 in debt. No doubt, when you're spending all this money and working part time for minimum wage. This is probably the most financially constraining time of your life. But it's also the most fun. If you understand and plan your finances well, there's no reason why you can't do everything you want to do AND not get weighed down with huge debt. The trick is to start planning early. If you're starting college next year, start thinking about it now. If you're already in college, it's never to late to start. But either way, if you want to manage your money successfully, you've got to get on track. Think about: Major Expenses To get a perspective on your financial situation, start by taking a look at your major expenses. For most students these include tuition, textbooks, room and board, car expenses, and entertainment. Available Money Available money includes the money that is set aside to pay for your college education and support you while you're in college. This includes money in a saving's account, scholarship money, or money from a trust fund. To learn more about college finances click here. Income This is the money that you will make if you plan to work while you're in school. For more tips on finding a job click here. If you're just starting school or don't have experience in budgeting, make estimates for the things you can't nail down. Tuition is easy to get an accurate number for, but other expenses such as entertainment vary greatly from person to person. For the expenses that you aren't sure of, estimate. After you've observed your spending habits for a while you can adjust your figures. Once you have a handle on your spending habits, make realistic goals about what money you can spend and what money you can set aside. The more money you can save, the less debt you will have in the end.
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