Let’s be real - the thought of moving away for the first time and balancing money on your own is terrifying. Signing a lease, student loans, utilities, groceries, etc, it’s a lot and seems a little overwhelming to balance all on a full class load. However, it doesn’t have to be, making financial decisions that can position you for long-term success right now is a terrific idea. Being able to budget and divide your money into separate categories can help you keep track of your finances each month. Here are some recommendations to help relieve that stress and better balance your finances.

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1. Make a budget using one of the several online budget templates.

By outlining your income and expenses in advance, you may get a clear picture of your monthly finances. After creating a budget for all of your monthly expenses, is there money left over? If so, this could either be your fun money or extra money to put into your savings. It is always nice to treat yourself to that fancy dinner, new pair of shoes or outfit that you have been wanting, so make sure to put a little aside every once in a while, so that you can treat yourself to that item that you have been eyeing.

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2. Pay your rent in whole and on time.

This will help you develop a solid rental history for the future, should you decide to rent another property. It also keeps you from developing a carry-over balance which can be costly in terms of late fees or penalties. If you can, try to pay a little extra towards rent each month. Overtime, you will build up a credit balance that might just be enough to cover 1 month’s worth of rent. This is great to have in a time of need if you need to pay less in rent one month, or if your income is less one month.

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3. Get a planner.

Your days will get busy and the last thing you want to do is be behind on things because you aren’t prioritized. Utilizing a planner will map out your day, keep you organized and keep you on track for the day. Using a planner is also great to keep track of when your bills are due. A good practice is to look at all of your bill due dates and see when they are due. Once you get paid, pay ever bill that will be due until you get paid again. Paying all of these upfront as soon as you get paid will help to avoid overspending between checks and not having enough money for a bill that will be due. This will also help you to know exactly how much free cash you have to live off of until you get paid again.

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4. Get a part time job if need be.

Bringing in extra money could make things a lot easier with your transition to college. Not having to worry about coming up with the extra money for groceries, a night out with friends, or that new pair of shoes you have been wanting will be so much more rewarding knowing that you worked for it.

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Happy planning!

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XOXO,

Team Aspen

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