Step two - Know your Income
Knowing how much money you have going in is crucial when planning to achieve your goals. While attending college you may have a job, all of your money may be from student loans, or you may have saved up before attending college. Knowing where your money either came from or is coming from is crucial when planning your finances.
How much money do I have?
When looking at your finances it is important to look at what you have. You may have some money in a savings account. You may have a few accounts that were started when you were younger. Having knowledge of all your accounts is good information to have. This money may come into play when trying to accomplish your goals.
It is also a good practice to think about things you have. You may find yourself in a situation that will require you to sell some of your belongings. This may not be a desirable situation, but it is a good idea to have an idea of the stuff you can get rid of if you need to. Having an inventory of the items you could get rid of if need be is a good idea.
How much do I make?
You may have a job in college. When you do it is easy to guess when your money is coming in and how much is it going to be. When going to college it is common for students to have money coming in from other sources. Students regularly have money from different forms of financial aid. It is important for people to know where their money is coming from.
An important step to managing your finances is knowing when you are getting money. It is important to think of your money as a tool to reach your goals. Mapping out when you will get your money will help you determine how long you need it to last. This will help in determining if you have enough income to accomplish your goals.
Is there a way for me to make more money?
When you are done mapping out your income and you find that you may need to make more money. In college there are plenty of ways to increase your income. As a student the first thing you should look into is scholarships. There are more opportunities than you may realize. Check out financial aid's website for some scholarships and waivers that are available at UND.
You may want to find a part-time right here on campus, check out the Career Services website for the opportunities right here on campus. If you find yourself looking for something different, there are more opportunities in the community. Finding yourself a local job may provide you with more hours or higher pay, but will not be as educationally-accommodating as a job acquired on campus.