Make Your First College Course Budgeting: 101

The Illinois CPA Society offers tips for those off to college on making good financial decisions

CHICAGO, Aug. 17 /PRNewswire-USNewswire/ -- Heading off to college can be an overwhelming experience.  With everything that you have to worry about, try not to add money to the list.  Avoid problems later by budgeting now.  The Illinois CPA Society offers these suggestions for getting a passing grade when it comes to your finances.

Know your limits and budget accordingly. After paying for tuition, housing and books, expendable cash may be at a minimum.  Be sure to let yourself have some "fun money," but don't fool yourself into thinking that the little things won't add up.  Make yourself a budget, which is always a good idea.  That $4 latte every morning can put a serious cramp in your finances.  Honestly ask yourself how you currently spend your money, where it's coming from, and what extras you would be willing to cut out.  

Put in some extra effort.  There are so many different types of scholarships, grants and reimbursements available that give you essentially free money.  Check into what your university offers, as well as any community organizations and special interests you're involved in.  Take any applications that you submit seriously—double check for errors, be sincere and make sure to get it in before the deadline.

Find creative ways to save.  There are so many ways to save money beyond clipping coupons and forgoing fun nights out.  Instead of buying snacks between classes, carry homemade goodies with you.  You probably already get used books, so don't be afraid to look for other gently used items online or at garage sales like furniture and clothing.  Buy things that are "new" to you.  

Don't be ashamed of saving.  In this economy, it's more likely than not that your friends are in a similar financial boat as you.  Throw everyone a life preserver and suggest low-cost social activities, like progressive dinners or potlucks.  Many theatres still offer matinee prices and student IDs can be used to get other discounts in many different types of places.

Keep close track of what you're spending and make adjustments when necessary.  Don't let the next four years put you on a path of poor financial standing for the next forty.  If you're having trouble getting on the right track, speak to a financial advisor on campus or a nearby CPA who can help you set up a budget and plan for saving in the future.

To get more consumer tips to help improve your attitude and outlook about handling your money, follow the Illinois CPA Society on Twitter @thriftitude.

About the Illinois CPA Society

The Illinois CPA Society, founded in 1903, is the fifth largest state CPA Society in the nation, with more than 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.

SOURCE Illinois CPA Society