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Financial Planning in College Essay

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EDUC 1301

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Nana Akosua Amponsah Antwi

Professor Karman Tam

Educ 1301

April 2019

Financial Planning

College comes with a lot of financial responsibility. There are very important expenses

every college student must make to be able to have a smooth college experience. While in college,

one vital thing I must pay for is my tuition fees. It is very necessary to know the estimate or the

exact amount I need to pay as tuition fees so in case I cannot afford, I could look for a grant,

financial aid or scholarship ahead of time. Other expenses to be made in college are textbooks and

school supplies, personal expenses like toiletries, activities like organization dues and concert

tickets, stuff like laptop and room bills. I live with my uncle so I don’t have to pay room bills and

also my uncle drives me to school on his way to work so I don’t spend on transport. Due to all

these expenses, I need to create a budget. A budget is a process of creating a plan on how I will

spend my money. Budgeting is important because it will help me to spend my money correctly

and it ensures that I have enough money to spend on the things I need. I normally find it difficult

to stick to my budget because I create unrealistic budgets also, I have a lack of self-control. I will

use strategies that will improve my budgeting and improve my finances.

There are three strategies I will like to try to manage my money. One money managing

strategy or budget strategy I will try is “The Envelope System.” It involves me having envelopes

and splitting them into categories like groceries, clothes and more. I will put some money I am

sure I will use for each category in the respective envelopes. When the money is done in an

envelope, I know I am done spending for that category. The advantages of this strategy are, I can

monitor the amount of money I spend. I will also know which category I spend on much and the

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one I least spend on. Also, it helps me to follow a plan which makes me organized and I cannot

overspend as well. But the disadvantage of this system is that when I misplace the envelope or

the envelope gets stolen, I lose the cash and I might not find the money and the envelope.

I can also use the “Online Budgeting Programs.” This requires me to do the budgeting

online. I can use sites like Mint.com, Mvelopes.com and Buxfer.com which helps me to keep

track on my finances every-day. All I need to do is to link my bank account to these online tools

and these online tools will simply organize my spending and alert me when I have to go over my

budget. Some of these tools are like on-line banking and are very secure. I need to be

comfortable before I give my personal details to these online budgeting tools. Some of them are

free whilst others are not so they give a free demo or a trial. The advantages of this strategy are I

don’t need to do a lot of work budgeting and organizing my finances. These online programs or

tools print reports related to my finances which helps I to easily know where my money is going

to and my money usage 24/7. The disadvantage is that I can be expensive also I might not be

able to create as many categories I want.

The last strategy I might want to try is ‘Thrice as Nice.” I need three bank accounts: One

savings and two checking account. I need to first determine the amount out of my paycheck I

need to channel towards my savings account and automatically send it to my savings account.

Through direct deposit, send the rest of the money of my paycheck to the other two bank

accounts. One bank account should be for fixed expenses like rent, car payments and more. The

other bank account should be for variable expenses like groceries, dining out and more. I must

stay away from using credit cards and transferring money out. The advantage of this method is

that I will be forced to save money first. I will also manage the way I spend on my variable

goods. The disadvantage is that it is too much work and it is a long process as well.

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Nana Akosua Amponsah Antwi Professor Karman Tam Educ 1301 9th April 2019 Financial Planning College comes with a lot of financial responsibility. There are very important expenses every college student must make to be able to have a smooth college experience. While in college, one vital thing I must pay for is my tuition fees. It is very necessary to know the estimate or the exact amount I need to pay as tuition fees so in case I cannot afford, I could look for a grant, financial aid or scholarship ahead of time. Other expenses to be made in college are textbooks and school supplies, personal expenses like toiletries, activities like organization dues and concert tickets, stuff like laptop and room bills. I live with my uncle so I don’t have to pay room bills and also my uncle drives me to school on his way to work so I don’t spend on transport. Due to all these expenses, I need to ...
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Tags: financial planning College finances College expenses College budgeting College financial planning