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Money Monday 8/31: Managing Money in College

Posted - Aug. 31, 2015 at 2:33 p.m.

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All the colleges in Utah are back in session as of today. And if you have a student out on their own for the first time, you might be wondering how to better teach them about managing their money.

As students head out to live on their own for the first time, it's also a key time to learn how to manage their own finances.

We've said it before, but it's so important; Creating a budget is the best way to start. Budgeting requires people to see their financial status in black and white. When funds are low, you have to limit spending or cut back on things you enjoy. That's not something anyone likes to do, but completely ignoring it can be even more dangerous and lead to disaster down the road.

If you've never made a budget, you first need to review your income and assets. Things like how much is coming in each month before and after taxes, and how much you have in all your accounts. Next, you need to analyze your expenses: fixed costs, variable costs, and unplanned expenses. For those unplanned events, you'll need to establish a "Financial Confidence Account" to help weather the storm and omit these costs from your expense items.

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