Welcome to Longwood! Also, welcome back to all other Lancers who are returning for another great year. This article will be dedicated to money and financial tips directed towards freshmen who might find this advice useful throughout your time at Longwood.
Something important to keep in mind is setting a budget for yourself while at school. Whether you have saved money throughout the summer, or you get money every so often either from your parents or from a job, you are going to need to budget your money. There are plenty of on-campus jobs to help you earn some money while here at Longwood, so definitely look around if you want some extra cash.
I cannot begin to tell you the number of people I know who come to school with a certain amount of allotted money and blow through it within the first few months. Or they get a paycheck and in less than a week spend all of it on various things. If nobody has told you yet, college is expensive. Creating a budget for yourself on how much you are allowed to spend based on your financial situation will be crucial.
Also, you more than likely have bonus dollars and possibly have $250 this semester. This breaks down to roughly $16.50 a week to spend since there are 15 weeks between the start of classes and the last day. Once again, plenty of people spend it all in less than a month, but if you can average spending around $16 a week, you will have bonus dollars until the end of the semester.
Only get a credit card unless you feel you can handle yourself with it. When I first went to school the temptations to get credit cards were everywhere, as it promises money at your fingertips that you can simply pay off later. I eventually did get a credit card, but only once I knew I was financially responsible enough and I had enough money to pay back anything I put on it. I have heard so many stories and seen people put it all on the credit card. At the end of the month, they realize how much they spent and the few hundred dollars they put on the card can turn into thousands over the time they can take paying it off.
Figure out how much money you have and set a budget. Budget your bonus dollars and avoid the credit cards unless you know you can handle one. Longwood is an awesome place and with these few tips you can financially maximize your time here.
