Every student-athlete has a busy schedule. This can be true year-round or just for your season. Regardless of how busy you are, money very important to consider as a college athlete. This is because being a college athlete will require traveling, purchasing workout clothes and gear, and more. In addition, athletes tend to have a good diet in order to improve their performance and endurance. Having a good diet means buying the right ingredients, and more often than not, healthy food tends to be more expensive than just eating out. This, plus the time it takes to cook, can tempt you to not eat healthy. All of these take time and money.
Here are 5 ways you can manage your money as a college-athlete:
Calculate how much money you receive in a month
Calculate all your income, be it from your parents, a job, or financial aid. This will give you a sense of how much money you get every month and how much you can spend. Not only will you be aware of how much you are spending, but also how much you are saving. Being aware of the money you have or don't have and the money you expect to receive is very helpful.
Related: Money Saving Tips for Student-Athletes
Create an organized sheet and write down your planned spending for one month
Calculate your normal expenses of going out, buying groceries, traveling, buying clothes, and everything else you spend money on. Then estimate how much you might need if something were to happen unexpectedly, and make sure you have enough money saved to take care of both. In addition, if you were to have a certain budget, but you were traveling or something came up and your spending routine needs to change, then you would have room for making such accommodations.
Think about what you need vs what you want
It is important to keep in mind your necessities versus your luxuries in order to prioritize where your money goes. More often than not, when we have money of our own, we tend to want to save and not spend at all. This is because you become more aware of your financial situation and what you actually need versus what you would like to have. It is not bad to spoil yourself as long as it won't have a negative impact on your budget and routine.
Related: 8 Ways to Get Free Things As a College Athlete
Take into account how much you spend on traveling with your team
Traveling is a given when being an athlete. That said, always be aware of how much food you buy when you're not in your apartment, town, or city, and how much you spend on eating out while traveling with your team. Even though the coach will likely give you a stipend or pay for your meals, make sure you don't spend any more on food or souvenirs you don't need. In fact, some athletes pack snacks and are able to save some of their travel stipend.
Don't be afraid to spend when you have a good reason
Some investments may seem costly now but might actually save you a lot of money in the future. For example, you are thinking about investing in brand new shoes for the season, but you are not sure because you already own a pair. If you buy new ones now, they will likely last you your entire college career, whereas the old ones you have might not, and you'll need to buy new shoes in a year or so anyway. In just that time, the shoes will likely become more expensive. So, buying those new shoes now is a good investment, especially if you can find them on sale. It's all about finding a balance and thinking your decisions through. Always analyze if you need new gear or just want them because the rest of your team is getting new stuff.
Related: Managing your Money as a Student-Athlete with NIL Contracts
If you can, find a part-time job
Having a job can help you practice time-management and may relieve some financial tension. This can give you liberty to spend more and not be as worried about your money. It will also keep you busy so you don't have time to spend as much money.
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* Originally published on March 30, 2022, by Lilia Farach
