The vast majority of college freshman have never created a budget. They have never needed to pay bills, nor have they needed to make sure they have money for food and other necessities. They do not know, yet, how to stretch a dollar because payday isn’t for another week and a half. They have not yet learned to keep track of their expenses, to track their expenditures. A budget helps this learning curve shrink, dramatically.
Another method is utilizing online banking. For tech-savvy college freshman, online banking is a no-brainer. But many don’t realize the wealth of information available on most bank websites to assist inexperienced students with money management. Students can monitor spending history, pay bills at the site for easier tracking and also to deposit checks, all tools to make financial management easier to control.
For more on this topic, check out new article tomorrow.