Many students think that they are adequate managers of their personal finances. However, good money management is more than just creating a budget and checking your bank account. Money management involves many aspects of the financial world including saving and spending. In order to be good at managing your own money, you need to create a financial plan and be able to follow through with it.
As a college student, managing your money can be extremely difficult. Between the cost of tuition, textbooks, school supplies, and room and board, your budget could be stretched pretty thinly. Additionally, students are faced with the task of choosing between getting the most out of the college experience and saving for the future. You can test how money savvy you are by taking the quiz below.
What did you think of your results? Whether you were great at managing your money, on the right track, or needing improvement, taking this quiz was a great way to begin thinking more about your financial future.
Paying for college is the perfect opportunity to start being a good manager of your money, as the process does not happen overnight. As a student, you should properly manage your finances so you don’t feel that you are missing out on certain opportunities during your college years. College costs, credit cards, and interest rates can surprise you if you don’t plan for them. The easiest way to manage your finances is to create a budget and stick to it!
Want to know what you need to do next? Check out 5 Money Moves to Make Before Graduating College.
Are you looking for the next money management steps? Check out Quiz: Should I Get a Credit Card for College?