Track Your Spending
Do this for several weeks so you can see where your money goes. Even the little things – that bagel and coffee you get every day before class, for instance – can add up. Start listing your expenses and you’ll most likely find ways you can significantly decrease your spending habits.
Make a Budget
Taking into consideration your income and necessary expenses, set a monthly budget and stick to it. This will help you meet your financial obligations without acquiring additional debt.
Set Weekly Spending Limits
Take your new budget and break it down into a weekly plan. Remember, you won’t be able to afford everything you want, so be prepared to make choices and learn to save for more expensive items.
Use Cash and Checks
Credit cards make sense only if you pay off the total each month and always pay on time – late fees are typically horrendous. Few people have the discipline to spend only as much as they can afford to pay off each month. Also, be aware when using your debit card since money from these transactions comes right out of your checking/savings account. Overdraft fees could pile up if you’re not careful.