Mobile app helps balance college budgets
The terms ‘budgeting’ and ‘spending’ are daunting words associated with the typical college student’s financial life. However, whether it be paper or plastic, many professionals suggest that students get a hold of their spending now in order for a successful future.
According to a recent USA Today study, most 4-year university students struggle with financial balance. The killer cravings to have a new outfit or that coffee you ‘just have to have’ every morning are what puts a dents in your pocket.
Assistant Professor of Finance at Elon University, Chris Harris, says that saving a little each day will go a long way.
“Get in the habit of not spending every penny that you earn, and second, start to save something,” Harris said.
The study also showed a drop of 10 percent between 2012 and 2014, which students surveyed who said that they would follow a budget.
“Credit is not always a bad thing, but it can really be a negative thing when you don’t know how to control yourself and control the credit,” he said.
Harris recommends some helpful tips to prevent students from breaking the bank, such as setting a budget and setting aside $250 every month.
“The more control you have over your finances, the more able you are to pursue whatever it is you’re passionate about,” Harris said.
Here at Elon, most students say they blow their budget on clothing and food, common college necessities. However, in this digital age, managing money is made a easier through the use of online programs.
A useful, free app called ‘Level Money’ syncs your bank account to let you know how much you can spend from today ranging to the end of the month.
‘You Need a Budget,’ another free app for iOS and Android, allows you to synch your budget information on the go, as well as see your previous transactions.
While spending may be anxiety-provoking, try to remember: whether you’re a thrifty spender or new to the concept of cash, Harris says to keep in mind that managing money is all a learning experience.