College is expensive. Even with great scholarships and programs like Excelsior, College Scholars, and federal aid, you still have to pay for housing, food, transportation, textbooks, and more. How can you make sure that you can afford it? Learn about managing finances! Here’s how:
Figure Out Your Budget
Take a realistic look at all your expenses. If this is your second year of college, figure out how much you spent last year, and plan to need at least as much this year, if not a little more. If you haven’t started college yet, just figure out your current budget and research common costs for college for others with your major/living situation. Don’t hesitate to overbudget; it’s better to have too much than too little.
… And Stick to It!
If you can’t pay for it and it’s not in the budget, don’t buy it! Things like new gadgets and electronics, clothes, and getting food and drinks at restaurants should be put on the back burner at this time. Buy used and dependable electronics on eBay, find clothing and room decor at thrift stores, learn to cook, and make your own coffee. These simple changes can save you a lot of money in the long run.
Plan to Save
If you expect to pay out of pocket for tuition at a four year school, start saving now. Every bit you set aside will lower the cost of the loan you have to take out, be it for tuition, housing, or something else. Check out our tips for saving money to get started! Even if you don’t have something you need to save for anyway, try to set aside a little bit as an emergency fund. If you don’t have emergency money and you find yourself in financial trouble while at SUNY Ulster, contact the SUNY Ulster Foundation about Lights for Learning.
Pay Attention to Your Credit Card
Credit cards are usually good. Some offer great rewards programs, and it’s nice not to have to carry a bunch of loose change around all the time. Where you may run into trouble is the “credit” part; just because your card has a super high limit doesn’t mean you should hit it! You should use your credit card just like you would a debit card: be careful where you use it, and don’t spend more than you have available in your bank account. You should be paying off your bill in FULL each month to avoid charges and make the most of your credit card benefits. Doing so will also earn you an excellent credit score for when you actually need to take out a loan or apply for a new apartment.
Manage Your Debt
This is something you want to avoid if it all possible, but you may have to take out a loan, or you may have already accrued some credit card debt. How should you tackle it? It’s recommended that you pay off at least your interest each month, so you prevent unnecessary compounding. Avoid debt by getting scholarships; there’s one for almost everything you could need while a student! Check out SUNY Ulster scholarships whether you’re a new, current, or graduating student, and contact the SUNY Ulster Foundation in Clinton 203 if you need help or have questions!
It can be hard to establish good financial habits, especially if you’re not used to careful budgeting. With a little bit of effort and practice, however, you can achieve all your financial goals and come out ahead!
