Like Father Like Son: Student explains how money management has helped him deal with college finances

Kenyon Calcote, accounting freshman, has learned an important lesson as he finishes up his first year at the University of Oklahoma.

"I have realized there are a whole lot of other things that I'm going to spend money on than just tuition," said Calcote. "I've definitely learned the importance of creating a budget for myself so that I can spend my money wisely."

An article published by New York University said that when it comes to college students these days they have a lot more to think about then just paying for housing and tuition.

“These days students have to think about additional expenses such has health insurance, travel costs for going home, cell phones, dining on or off campus, computers, and other daily expenses.”

The article said the only way to avoid what they called “hefty financial mistakes” and stress in college was to learn basic money management skills.

“Managing your money is just as important as staying physically fit and mentally healthy.”

Calcote said that his father, being an accountant, instilled in him the importance of money management skills.

“My dad taught me everything I know about money,” said Calcote. “I didn’t realize how important it was to budget until I came to college and was independent. I quickly realized there were a lot of things that were going to cost money, like food, gas, and entertainment. With college finances like tuition already as stressful as they are, I understood the importance of what my dad had instilled in me about budgeting in order to make my other finances less stressful for me.”