When you’re away at college, it's easy to spend money on things you don’t necessarily need — or worse, rack up credit card debt. Yahoo Finance writers Kristin Myers and Daniel Roberts share their tips on how to manage your money in college.
When you’re away at college, it can be easy to get carried away and spend money on things you don’t necessarily need — or worse, rack up credit card debt. To help save college students from going broke while at school, Yahoo Finance writers Kristin Myers and Daniel Roberts joined host Brittany Jones-Cooper on the BUILD Series stage on July 29 to talk about how to budget and the best ways to manage your money during the college years.
College is also a time where you are likely surrounded by people who are dealing with tight budget constraints. Myers says it’s okay to be honest about not being able to afford something and to find ways to save money, such as sticking with the school’s meal plan rather than eating out most nights. “It’s like the only time in your life where it’s acceptable to be like, ‘I’m just really broke,’ and just own that,” says Myers. “It’s not as cute when you’re 35 and you’re like, ‘I’m really broke.
But doing some work while in college isn’t only about earning money. Roberts notes there are other advantages. “For the most part, the people you meet who had to work starting at a younger age are just the better people for it,” he says. “They’re more mature. They’ve learned more about themselves. They’ve learned how to function as an adult.”Myers agrees that you gain a lot of tools when you work.
Having a credit card is a big responsibility, and without actual cash exchanging hands, it can be easy to overspend. To help prevent that, Myers shares that her mother got her a credit card for college, but then had the credit card company reduce the credit limit. “That can actually be really helpful,” she says, noting that if a credit card company offers an initial credit limit of $20,000 on a card you’re only using for emergencies, you can call them and ask them to lower it to, say, $2,000.
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