The new school year is here in Southern California, and if you are headed off to college, you are probably both excited and a little nervous. Along with learning to cook for yourself and scheduling enough time to get your homework done, taking the time to create a budget can ensure a successful school year.
It is easy to lose track of how much money you spend each month while in college. While some costs are necessary, such as books, some costs can easily exceed your bank account, such as skipping the dining hall for a local restaurant. Luckily, there are many smartphone apps that are out there that can help you stay on budget throughout your years at school. Apps like Lefttospend will track how much money you have left to spend each month, while Mint, which is a product from Intuit, has much more elaborate budgeting features.
Social payment apps, such as Venmo, may seem like a quick and convenient way to pay your friend back who spotted you when you left your wallet in your dorm room, but they also come with some fallbacks. It is important to keep in mind that Venmo and other similar apps are connected to your bank account, and it can be much easier to spend extra money if you do not have to physically hand your debit card over to a cashier.
Before you head off to school, you should also take the time to sit down with your parents and work out a budget. Even if you are paying your way through college with a part-time job, your parents can offer useful insight on how they work their budget every day. Talking to your parents will also make you more accountable for keeping up with your budget since you are not the only one who knows about it.
All of us at Eastland Escrows in Covina, California would like to wish you a successful school year!