1. Track it. According to Lucy Lazarony of Bankrate.com, tracking spending for a minimum of two to four weeks can help a student figure out where their money is going. I agree. She presents the question, “Are four trips to Starbucks a week really necessary?” in an attempt to remind students the necessity of financial reflection. Lazarony quotes Vickie Hampton, a financial planner and an associate professor at Texas Tech University in Lubbuck, Texas, "They don't realize how much they spend on little things…[t]hat's the most common revelation." Lazarony adds what Mark Oleson, director of a financial counseling clinic at Iowa State University, stated, "Usually, just by tracking expenses, you'll start to curb expenses" ("Savings: Money management tips for college students").
As stated above, tracking spending can provide a student insight on what they are actually spending their money on. This provides valuable data that can then be analyzed and help determine what their priorities are. The downside of tracking spending is clearly the time it takes and its repetitive nature. I believe this is why a limited time frame is recommended in the article. However, I could see repeating this exercise from time to time ...
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...ve for each area of their lives during college and after. Each student should know how to avoid the obstacles in the finical road to their success. Sound financial planning and help with staying on budget from the beginning is crucial to long-term financial stability. True scholars will always benefit from some advice.
Lazarony, Lucy. "Savings: Money management tips for college students." Mortgage Rates Credit Cards Refinance Home CD Rates by Bankrate.com. N.p., 22 Aug. 2008. Web. 15 June 2011.
RC. "25 Smart Budget and Money Saving Tips for College Students." Think Your Way to Wealth. N.p., 22 Aug. 2008. Web. 15 June 2011.
Robison, Tamara. "10 Budgeting Tips For Students | Made Manual." Mademan.com. N.p., 3 May 2010. Web. 15 June 2011.
Siddons, Sarah. "10 Tips for Staying on Budget." HowStuffWorks "Business & Money". N.p., n.d. Web. 15 June 2011.
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