Blogs Menu

Blogs
View Latest Posts
View Subscriptions
Posting Instructions

Active Bloggers

HBCU CONNECT HBCU CONNECT
Central State University class of 1995
Kamal Imani Kamal Imani
class of
Ivan Butcher II Ivan Butcher II
class of
Kennedy Williams Kennedy Williams
Spelman College class of 2020
Reggie Culpepper Reggie Culpepper
Clark Atlanta University class of 1998
Anica Oaks Anica Oaks
class of 2012
Loren Moss Loren Moss
The Ohio St Univ class of 1991
PAT BARROW PAT BARROW
class of

Going to College on a Budget: 7 Tips for Managing Your Money the Right Way

Going to College on a Budget: 7 Tips for Managing Your Money the Right Way
Posted By: Elynor Moss on October 08, 2018

The academic and social demands of college can keep you from making the best decisions about your finances. Without carefully taking into account all of your costs, you could end up graduating with more debt than you expected and without the funds to give yourself a healthy start to your career. Creating and sticking to a budget will help you stay enrolled in an affordable degree program while avoiding unnecessary spending that can hold you back from your educational goals. Follow these money management tips for HBCU college students to help ensure your future financial success!


1. Establish a Budget

You cannot control the flow of your money coming in and going out if you do not have a budget. Your budget shows exactly how much money you bring in each month and where each dollar eventually ends up. Your budget should have categories for food, housing, transportation, school supplies, medical care, entertainment, and savings. Make sure to assign a particular dollar amount to each category to align your budget with your overall financial goals.

2. Buy Used Textbooks

With the cost of textbooks rising every year, you can save a lot of money by making wise purchasing decisions. You should try to buy used textbooks or even utilize online PDF files to access the documents you need for your classes whenever possible. Make sure that any new textbooks does not include an online access code before you try to buy a used textbook. If you buy a used textbook, or decide not to buy books altogether, you may have to buy the online pass anyway to do certain assignments in that class.

3. Make Food Prep Fun

Grocery prices have actually gone down this year, and with restaurant prices continuing to rise, it just makes sense to prepare as many meals at home as you can. Unfortunately, the time it takes to prepare your meals and clean up afterward can eat into your limited free time. You can keep your money in your pocket without sacrificing your social life by making food prep fun. Have potluck dinners where everyone brings a dish or plan themed lunches with your friends and classmates to ensure everyone can eat well while saving their money.

4.



Utilize Shared Housing

While living alone has some benefits when you need a quiet environment to study, itís not the best option financially while attending an HBCU in Arkansas. You can save a significant amount of money by choosing to live on campus or by having roommates or family members to share an off campus apartment. With shared housing, you can enjoy a built-in supportive community to team up with for food prep, cleaning tasks, study times, and social activities.

5. Weigh Your Purchases

You should weigh the pros and cons of your purchases to avoid carelessly spending money on things you do not necessarily need or that could be purchased at a later date after you save up for them. Take the time to plan ahead for any big expenses. You can set a long-term budget and place money in your savings account each pay period to spread out the cost.

6. Smartly Utilize Credit

Credit cards can help you save money by providing rewards and great deals. But, it also feels easier to spend more when you have a credit card. Use your credit card to buy things you can actually afford to pay off quickly to avoid paying interest on the balance. Make your purchase and immediately pay off the balance to obtain your rewards, skip the interest, and build your credit. If times get tough, re-evaluate your budget before ever trying to max out your credit card or get a second credit card.

7. Minimize Reliance on Loans

Financial aid for an affordable degree program can help you cover tuition, textbooks, and some of your living expenses, but you will want to keep your debt manageable after you graduate. Many HBCUs like Arkansas Baptist College offer a variety of scholarships, grants, work study programs, and other financial aid options that can help you cover all or most of the costs for an affordable degree program. Good money management usually ends up being a test of your willpower and ability to plan for the future. Applying these money management tips for HBCU college students will give you the best opportunity to complete your degree without excessive debt.

If you are interested in enrolling in an affordable degree program, contact Arkansas Baptist College today at (877) 643-5390 to learn how we can help you achieve your educational goals.


https://www.arkansasbaptist.edu/
If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email!
Comments
Please Login To Post Comments...
Email:
Password:

 
More From This Author
Accept your invitation to become a new hire at an Employer in your field of expertise!
#FAMUConnect: Who do you know from FAMU? We introduce you to Mr. Shaun Watson
#HBCUEmployment: Opportunities are available! Seek a new career here...
Connect with the HBCUConnect representatives for help attaining a career in Healthcare, Education, and Technology
Careers for professional talented workers: applicants invited to apply to the following new employers
Working on attaining a new career requires options. Research the jobs on this list to see if you want to apply!
Latest Blogs
Jazz and Poetry - Dichotomy - Kamal Imani

Jazz and Poetry - Dichotomy - Kamal Imani

Freedom VS Ideology. The unorthodox guru breaks down what must be done to be free via spoken word poetry. lyrics How can I be free? When I'm living in a dichotomy? Now don't get me wrong, I can le ...more
Kamal Imani • 54 Views • November 27th, 2020
Are Black Men Using Jail as a

Are Black Men Using Jail as a "Cope-Out / Cop-out" "?

A "Cop-out," to me, is someone who is capable but would rather make excuses and blame something or someone else for their deeds or lack of doing anything. A "Cope-out," on the other hand, is som ...more
Ivan Butcher II • 88 Views • November 27th, 2020
I Got Jesus  Gospel House

I Got Jesus Gospel House

Get your dance and praise on to this uptempo Gospel Contemporary House Song with inspirational spoken word lyrics! This is perfect for church functions, parties, family fun and DJ's will rock the club ...more
Kamal Imani • 89 Views • November 25th, 2020
STUDENT DEBT

STUDENT DEBT

A Work / Study Program, sort of community service operations, would be the excellent lesson in civil service, set-up much like how citizens serve in the arm forces, to work off their debt. The service ...more
Ivan Butcher II • 88 Views • November 24th, 2020
4 Ways to Handle Dry Skin if Regular Moisturizing Doesnít Work

4 Ways to Handle Dry Skin if Regular Moisturizing Doesnít Work

If you experience dry skin frequently in college, youíve likely tried applying moisturizer to remedy the problem. However, moisturizer may not be giving you the results that you want, and you should c ...more
Anica Oaks • 66 Views • November 24th, 2020
Popular Blogs
Divorce in America in 2009 Ė Whatís love got to do, got to do with it?

Divorce in America in 2009 Ė Whatís love got to do, got to do with it?

Join Brother Marcus and the cast and the crew of the Brother Marcus Show live this Sunday evening on February 1, 2009 @ 8:00 p.m. for another hot topic in our community! ďDivorce in America in 2009 ...more
Brother Marcus! • 229,788 Views • January 27th, 2009
VISINE ALERT!!!

VISINE ALERT!!!

Seemingly innocent medication such as Visine eyedrops are used by people to concoct a mixture with similar effects as a date-rape drug. When mixed with alcohol and taken orally, the eyedrops can l ...more
Siebra Muhammad • 46,434 Views • May 23rd, 2009
THE MOST FAMOUS WORDS IN NASCAR RACING IS NOW

THE MOST FAMOUS WORDS IN NASCAR RACING IS NOW "GOTCHA" THIEF !

IT'S PRETTY OBVIOUS FOLKS: Some of our Republican senators and congressman..are Swearing & Wearing White Sheets Also ..NASCAR was given 70million dollars in tax breaks ..in the New Fiscal Cliff Deal ...more
David Right • 43,836 Views • December 28th, 2012
Black College Student Sentenced to 12 Years in Prison for Kissing a White Girl

Black College Student Sentenced to 12 Years in Prison for Kissing a White Girl

Albert N. Wilson, a former University of Kansas student, has been sentenced to 12 years in prison and a lifetime of probation after being convicted by an all-white jury of raping a white teen girl. Bu ...more
Will Moss • 34,962 Views • June 4th, 2020
Black History Daily:  Who Was the First Black Female Dentist?

Black History Daily: Who Was the First Black Female Dentist?

In 1890 Ida Gray Nelson Rollins (1867-1953) became the first black woman to earn a doctor of dental surgery degree in the United States. She graduated from the University of Michigan in June. Nelson ...more
Stacie Coulter • 23,173 Views • August 22nd, 2011
Please Give Us a Like on Facebook!