Welcome to "Coaching Corner," a blog we promise volition help you make smart decisions with your money and get through school without breaking the bank.

Each semester millions of college students ask an of import question – "What should I do with my financial aid refund?" That's the money left over from your fiscal assist after your school takes out for tuition and fees, and housing and food costs if y'all live on campus. As a fiscal passenger vehicle who has worked with college students for several years, I take seen this handled in many different ways, sometimes with pretty rough consequences.

Many students accept asked me, "Is this my coin? Tin I spend information technology on whatever I want?" That's a tricky 1. Yes, of grade it is your money. For many students, information technology'southward the most coin they've seen at one time. You may be tempted to buy things you lot want (but don't really demand) or fifty-fifty send some money domicile to your family. Merely that'due south not what financial aid is for.

Making wise decisions with your money means taking a moment to think about what happens side by side. If you don't work or have financial support from your family, yous'll have a hard time surviving the semester if your fiscal help refund runs out. That refund is meant for pedagogy-related expenses and must last you the whole semester and possibly the beginning of the side by side semester.

To stretch your refund, y'all'll desire to set up a spending plan. Students have told me they thought information technology would be also complicated or likewise much trouble. It doesn't have to be. Start by taking the amount of your fiscal aid refund and dividing it past the number of months in the semester (unremarkably v).  That's the starting time of your monthly budget. Now that you know the corporeality you will have each calendar month, you tin plan ahead then you don't spend more you lot accept. A spending plan shows you where your money's going and tin can help yous find areas where you can possibly cut back a little.

Save money where you lot tin can. Ideas include:

  • Ownership or renting used textbooks
  • Looking for student discounts at stores and restaurants yous visit
  • Set up limits on eating out and entertainment. Search the web for gratis events in your boondocks.
  • Look for activities going on around campus. They may offer gratuitous meals, and y'all tin meet new people.

Taking the fourth dimension to fix a budget and sticking to it as best you tin volition save yous from some big fiscal headaches at the end of the semester. And you'll be developing expert money habits that volition last a long time.

Spotter for more from the Coaching Corner soon!

Photo of Financial Coach Melanie. About Melanie

I am a Financial Jitney for college students and parents. I am an Accredited Financial Counselor (AFC®) and received my BBA in Management from Texas Country University. I assist students understand their financial aid and help them develop a plan to accomplish their educational and financial goals. I was a first-generation college student, then I have a personal agreement of some of the struggles students confront.

Working in the financial aid industry for thirteen years has given me the opportunity to work with students at different points in their life from starting college to graduating and finding a job — all the way through helping them repay their educatee loans and salvage for the futurity.

This service is non intended to constitute any tax, investment or legal communication. If you need investment, legal, tax advice, and/or credit counseling, please consult with a professional person within those areas.

Links to tertiary-party financial resources are provided as a convenience for informational purposes just. Trellis Company does non endorse or approve any of the products, services or opinions of the entities or individuals associated with these links.  Trellis Company bears no responsibility for the accuracy, legality or content of any external site associated with the links provided or any subsequent links.

Voiced by Amazon Polly