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

Each semester millions of college students enquire an important question – "What should I do with my financial aid refund?" That's the money left over from your financial aid after your school takes out for tuition and fees, and housing and nutrient costs if you live on campus. As a financial double-decker who has worked with college students for several years, I accept seen this handled in many different ways, sometimes with pretty crude consequences.

Many students have asked me, "Is this my money? Can I spend it on whatever I want?" That's a tricky one. Yes, of class it is your money. For many students, it's the most coin they've seen at once. You may exist tempted to buy things you desire (but don't really need) or even send some money home to your family. Only that's not what fiscal aid is for.

Making wise decisions with your money means taking a moment to retrieve nigh what happens side by side. If you lot don't work or have financial back up from your family, yous'll have a difficult fourth dimension surviving the semester if your fiscal help refund runs out. That refund is meant for education-related expenses and must last you the whole semester and possibly the beginning of the next semester.

To stretch your refund, you'll want to set up a spending program. Students have told me they thought it would exist also complicated or too much trouble. It doesn't have to be. Start by taking the amount of your financial assistance refund and dividing it by the number of months in the semester (ordinarily 5).  That's the beginning of your monthly budget. Now that you know the corporeality yous will have each month, you can programme ahead so you don't spend more than you have. A spending plan shows you where your money's going and can help you find areas where yous can perhaps cut back a footling.

Save money where yous can. Ideas include:

  • Buying or renting used textbooks
  • Looking for student discounts at stores and restaurants yous visit
  • Set limits on eating out and entertainment. Search the spider web for gratis events in your town.
  • Await for activities going on around campus. They may offer free meals, and you can meet new people.

Taking the time to set up a budget and sticking to it as best you tin will save yous from some big financial headaches at the end of the semester. And you'll exist developing adept money habits that will last a long time.

Scout for more from the Coaching Corner soon!

Photo of Financial Coach Melanie. Almost Melanie

I am a Fiscal Coach for college students and parents. I am an Accredited Fiscal Counselor (AFC®) and received my BBA in Direction from Texas State University. I help students sympathize their financial aid and assistance them develop a plan to achieve their educational and fiscal goals. I was a beginning-generation higher pupil, so I take a personal understanding of some of the struggles students face up.

Working in the financial aid manufacture for 13 years has given me the opportunity to piece of work with students at different points in their life from starting higher to graduating and finding a job — all the fashion through helping them repay their pupil loans and save for the future.

This service is not intended to constitute whatsoever tax, investment or legal communication. If yous need investment, legal, tax advice, and/or credit counseling, please consult with a professional within those areas.

Links to tertiary-political party fiscal resources are provided every bit a convenience for informational purposes only. Trellis Company does not 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 whatever subsequent links.

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