Budget bonanza
For a lot of students, college is the first time living away from home, without supervision from a parental figure. It is a great time to learn how to live by yourself and how to deal with the inevitable mistakes (no matter how hard you may try to avoid them).
Budgeting your money
Managing money is one of the most important things a college student can learn how to do. If you get money back from Central Michigan University when your loan deposit hits, it might seem like a lot. But it can disappear quickly. The Mary Ellen Brandell Volunteer Center offers some great “Budgeting Basics” to help you be smart with your money:
• First, recognize where your greatest expenses may be. The average monthly living expenses, according to the U.S. Department of Labor, are food and transportation (34%), housing and utilities (33%), clothing and entertainment (10%), insurance (8%), education and healthcare (7%) and “other” (8%). You may not have all of those right out of the collegiate gate, but it’s important to know where your financial priorities lie and how to account for them.
• Start tracking your expenses. That means list and log every penny that leaves your wallet, jeans pocket and bank account. The goal is to really see where your money is going and help eliminate those unnecessary purchases that keep breaking the bank (we’re looking at you, coffee and energy drinks!).
• Determine your income. Whether that’s a job, a grant, scholarships, student aid or any other source of cash, keep tabs on how much you’re bringing in.
• Start saving now. Even setting aside $5 per month is a good habit to start. Over the course of four years (or more, depending on whether you go on for advanced degrees), that adds up and you’ll find it’s old hat when it comes time to thinking of retirement planning.
The university’s Financial Wellness Collaborative Peer Coaches program even offers student-to-student support to help guide you through balancing the bottom line.
Budgeting your time
There is an old saying: “Sleep more than you study, study more than you party and party as much as you can.” OK, maybe that’s not so old — admittedly, it’s more of a product of the social media age — but the message is universal.
Getting sleep and studying are definitely important when it comes to surviving college, but it is also important to have fun.
According to a 2013 study for the U.S. Department of Education, students who got involved in extracurricular activities had greater academic achievement, higher reported levels of self-concept and self-worth, stronger communications skills and higher rates of community involvement than their disengaged classmates. It makes sense, when you think about it: Do you find you learn better when classes are fun, engaging and interactive?
The challenge, of course, is not overdoing it. For everyone’s sake, make sure to go to class. When in doubt, it is always smart to communicate with your professors when you do miss class, to keep up to date with your studies.
Here are some time management tips for first-year college students, from U.S. News & World Report:
• Get ahead: Despite the temptation, don’t wait until the last minute to cram for midterm exams or start that capstone project!
• Use a calendar: Whether digital or hard copy, mark critical deadlines on your calendar and give yourself sub-deadlines to make sure you aren’t stressing at the last minute.
• Find a routine: You’ll usually only spend a few hours in the classroom, which will be far outpaced by your out-of-class requirements. Find a time and place when it’s best for you to study, then stick to it.
• Be responsible with technology: From cameras and wireless connectivity to games and academic curricula, technology is everywhere on a campus. Do yourself a favor and work into your routine shutting down social media and screen time so you can focus without distraction on your academics.
• Learn to study effectively: In case you haven’t noticed, time is finite. There are only 24 hours in a day, so it’s important that you are efficient in how you use the time you dedicate to daily studies.
• Schedule study breaks: Again, it’s important to give yourself room to relax, refresh and disengage from your academics.
• Know your limits: It’s important to be well-rounded, but it’s also important to know when to draw the line. As college students juggle school, work, volunteer hours, extracurriculars, family, relationships, organizations — the list goes on and on — it’s easy to become burned out. If you find yourself stretched too thin over too much, give yourself permission to step back and reassess where your values, talents and passions can best help meet your career goals.
Sources: files.eric.ed.gov/fulltext/EJ1230758.pdf; usnews.com/education/articles/time-management-tips-for-college-bound-high-school-students
