Get a Money Plan
Know Where Your Money Goes
Before you can take control of your financial situation you need to know how you spend your money. Begin by tracking your spending. Buy a small spiral notebook and write down every (yes, every!) expenditure for one entire month. Gather bills and receipts, count cash, debit and credit purchases, and don't forget to include trips to the soda machine, quarters used for laundry, and snacks purchased in between meals. No expense is too small to record.
As you track your spending, you'll notice how the small things add up. You will also start to see where you can cut back on your spending. You may find, for example, that you spend nearly $4.00 a day having coffee in between classes. That adds up to $20 a week, $80 a month, and $960 a year. You might find that you'd prefer to spend this money elsewhere or save it so you can move off-campus or start investing it for your future. At the end of one month, you'll know how you spend your cash and will be ready to make a spending plan, otherwise known as a budget.
Take the Quiz-
Half of all Americans are living paycheck to paycheck.
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One out of three households reported using credit cards to cover basic living expenses, on average, for four of the past 12 months.
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40% of Americans say they live beyond their means.
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Only 26% of 13 to 21 year olds reported their parents actively taught them how to manage money.
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40% of students are likely to buy a pair of jeans (or something similar) they really want even if they do not have the money to pay for it.
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40% of Americans say they live beyond their means.
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50.8% of college-age adults agree with this statement: "I have experienced repeated, unsuccessful attempts to control, cut back or stop excessive money use."