How to manage your money in college?

I began my first year with a weekly allowance from my father of $200. My tuition and room and board expenses were paid thanks to a scholarship and a couple scholarships I received. I basically had it made until I started spending money carelessly and my dad cut me off.

I assure you that you do not want to experience this. It's awful! Here is a collection of advice and strategies to help you manage and save money while attending college so that you won't have to go through what I did.

1. Establish a budget 

The good news is that you don't actually need to create a budget because you already have a set weekly spending cap if you don't have a job.

On the other hand, if you are working a full-time job and paying for school yourself, you will need to make one. To enter your monthly expenses, such as your living expenses, I recommend opening an Excel sheet. You can determine how much money you have left over to spend on extracurricular activities like eating out and drinking once you know what your monthly cost of living is.

2. Pay in cash 

I swiped wildly when I got my first debit card. With a debit card, you never see your money leave your account, making it very simple to make impulse purchases without giving them a second thought.

When you pay with cash, you can see where your money is going and are consequently less likely to spend money you don't have. Cash payments also don't subject you to exorbitant overdraft fees.

2. Install apps

My father's first words to me after I opened a new Chase debit card were, "Download the app." He says this every time I open a card, which is annoying, but he is correct. The best way to keep track of your money is to download the app.

But don't limit yourself to your bank apps. There are some fantastic budget apps, like Mint.com, that sync with all of your bank accounts and notify you when you are spending more than you planned. I heartily endorse this app.

What are your methods for saving money? Please share them with us. Tell us in the remarks section below.

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