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Managing Finances

The Budget Brain

By Lance Hill

Many college students experience the freedom of controlling their own money for the first time. You kick off the next chapter of your life in September, checking out what your new friends brought to school, heading to the local restaurant and thinking it’s important to have that new outfit for Friday night.

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After a couple of months of carefree spending, you may find yourself a little short on cash. You can choose to load up credit cards, but you’ll end up paying even more in the long run. If you’re ready to learn a skill that can prevent this from ever happening again, start thinking about spending in terms of needs versus wants.

Needs are typically expenses, like housing, food, transportation, gas and electricity, clothing, insurance and internet. Wants are dining out, traveling, entertainment, designer clothes, gym and club memberships, monthly subscriptions or the latest technology.

Lance Hill

Lance Hill is the Financial Literacy Manager at Bank of North Dakota (BND). The financial literacy program at BND is designed to help educate North Dakotans about relevant topics of financial education. The program utilizes a partnership approach with other like-minded individuals and organizations to help create long-term improvements and financial well-being in people’s lives. Lance is active in several state and national financial literacy organizations. He is a Certified Educator in Personal Finance (CEPF). He enjoys hiking, mountain biking and reading.

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