Within days of starting college, students quickly learn that managing their time and money is one of the most important and challenging aspects while attending school.
Cramming study time in between classes, making it to work on time and still having a social life can get very stressful. Many students work to support themselves while attending school, which is the same as working two full time jobs. It’s important not to manage time and money so funds and energy aren’t running out.
“Find a money mentor,” Dave Ramsey, financial advisor, said. “Find someone you trust that can help you on your journey of managing money better. Ask them questions.”
Ramsey recommends that students track their spending for a few weeks, to find out where their money is being used the most. Afterward, they should make a budget according to their needs and make cuts, especially to dining out and recreation expenses. A budget is not a one-size-fits-all thing, and students need to make one to accommodate their individual needs.
“A budget should be made up of percentages based off income. 10-15% to charitable gifts, 5-10% to savings, 25-35% to housing and utilities, 10-15% to transportation, 5-10% to personal and 5-10% for debt,” Dave Ramsey’s Total Money Makeover book recommends.
For many students a lot of the downfall is credit cards. It’s always at the ready whenever a student needs it. But if a credit line is $2,000 and a student can only pay back a few hundred, they should only spend what they can pay back.
“Don’t use a credit card on what you can’t pay in cash” is a general rule everyone is encouraged to follow, and Ramsey suggests that it’s the key to not over-spending. Try and make a credit line that’s unique and see how it works.
Along with learning to manage money, it is equally important for students to apply time management skills to their classes and work schedules.
According to BigFuture.collegeboard.org and cob.sjsu.edu, some of the best ways to manage time are by making a to-do list. Schedule in assignments that are due but also put in things that are fun so that the schedule doesn’t become a chore.
Avoiding overload, and not putting everything off till the last minute is a good time management skill. Students need to take time for rest and unwinding, eating, exercising and socializing and should also find a productive time when they know they work best, whether day or night, and get their work done during that time. Create a dedicated study time by turning off the T.V and focusing completely on homework and studying.
Students should also invest in a calendar or planner and keep everything in there so they know what’s coming up as far as homework and work schedules. www.vgcc.edu suggests prioritizing work by labeling it 1-4, one being the most important and urgent and four being the least.