(WXYZ) — August 14 is Financial Awareness Day. It’s also back to school time, so what should new college students consider with their budget as they enter college?
When you go to college, you spend more money than you may have in high school because now you are eating out with friends, attending fun events at school, etc. So before going off to school, take time to sit down and create a budget for yourself. If you worked a job in the summer, it’s exciting to have that money, but try to strategize so you don’t spend it all right away. Any extra money in your budget can go towards your savings or paying off student loans.
According to a recent Northwestern Mutual Planning & Progress Study [news.northwesternmutual.com], personal education loans are one of the sources of personal debt that Americans struggle the most with. By including this in your budget early on, you can get a head start on paying off that debt.
