Sitting down and looking at the whole situation can make students aware of the danger of overdrawing. Lukens said carrying cash, avoiding ATM machines and not writing small amount checks also can help simplify a student's finances. The lifestyle of a freshman can sometimes contribute to their budgeting problems. Many students spend a tremendous amount of money on unnecessary expenses such as eating out, excessive shopping and road trips. Buying groceries and eating at home more can cut back on extra costs.
Students can cut corners by shopping at discount stores or thrift stores for bargains.
Lukens suggested keeping a record of budget costs and cutting back on the most expensive items. Credit card debt also can put a strain on a student's finances. Lukens recommended owning only one credit card and paying it completely on a monthly basis. Lukens said most students' money management problems develop at home but are amplified when the student leaves home for the first time. Parents should teach their children at a young age responsible ways to manage money.