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Jan 07, 2017 11:56 PM EST

Money Management Tips For College Bound Students

College bound students transferring to the university dorm
Here are some practical steps that students should take when it comes to managing their finances.
(Photo : Credit: Sara D. Davis / Stringer)

When you're in college and do not have limitless source of money, you have to make sure you manage your budget as best as you can. It is already tough to balance your academic and social life in college, not to mention the financial constraints you have to deal with.

According to Forbes, the problem is very simple - it boils down to the lack of proper teaching of basic personal finance management to college students. Which is why it is important that these discussions take place while the students are still in high school.

Here are some practical steps that students should take when it comes to managing their finances.

Create your budget

If you want to ensure you are in control of your finances, creating a budget is a must, according to College Bound. Prioritize and list down the most important stuff you need to spend for including food, clothing, books and housing, if applicable. Allot a certain amount for each item on a monthly basis so that you don't end up overspending.

Limit your entertainment costs

Of course you do need time to have fun and enjoy but there are actually inexpensive ways to do it. Instead of going out to a fancy restaurant, you can probably enjoy home cooked meals in your apartment. This way you can come up with a cheaper yet delicious meals for everyone.

Use cash when paying for all your purchases

You're a student and are not yet earning an income so there should be no reason why you should fall into debt. If you have limited cash, then limit your spending. It can be a little difficult at first but when you develop this habit of restraint when you need, managing your finances will come in very easy.

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