LIFESTYLE & TRAVEL

Financial Management: Student-Athlete Edition

There can be many things to consider when managing your expenses in college. As a student-athlete, you have the potential to receive scholarships and grants to put toward your college education — whether that be tuition, room and board, or even meal plans. If you qualify for scholarships, it may make you feel as though everything is taken care of and you don’t have to worry about any other expenses. Unfortunately, that’s not true. Let’s review a few things to consider when it comes to your finances that you may not have thought about.

Review Expenses and Scholarships

Having a grasp on what scholarships and grants you will be receiving can alleviate any confusion when reviewing your expenses. This concept is going to be important because as you progress through the school year, your bills have the potential to change. Knowing what funds you have available to spend and what your expected expenses will be can help you prepare for the unexpected. Mobile apps can be a great resource to track your monthly expenses and income instead of writing things down. The convenience of this resource will allow for accuracy and easy access. Remember, it’s important to prioritize your spending by considering your needs and wants. Try to stay consistent with budgeting every month to stay on track.

Stick to a Schedule

It’s normal to be busy. All students’ schedules can get hectic, but adding sports on top of schoolwork can make things even more stressful. One way to stay on top of everything is investing time in creating a schedule that incorporates all your responsibilities. This means including due dates for bills and class assignments, along with your athletic practices and event dates and class schedule.

Increase Financial Literacy

You may think you know everything there is to know about managing your finances but there are always more opportunities to increase awareness. Reach out to your financial institution to see what opportunities they provide for you to increase your knowledge about finances. Most of these opportunities offered are free for you to attend. They may also offer virtual options to attend if your schedule isn’t so flexible.

Key Takeaways

• Make budgeting a priority — and a habit.
• Understand your income and expenses.
• Prioritize your needs versus your wants.
• Seek more financial education opportunities.

Sources:

https://www.2adays.com/blog/8-budgeting-tips-for-student-athletes/