The first year of college is an exciting time for most students, but the lifestyle change can cause some anxiety and stress.

Living away from home also means college freshmen need to manage their own budgets and make smart money decisions.

Studies show that one of the reasons many students drop out of college is because they run out of money or find themselves too deep in debt too soon.

Here are five budgeting essentials college freshmen need to know.

#1: The Importance of Sticking to a Budget

Having some basic budgeting skills is important for any college student, so make sure your college freshman is working with at least a basic budget spreadsheet or using a smart-phone app that makes money management that much easier.

Learning how to recognize needs and wants and prioritizing spending can help to keep a student’s budget on track.

#2: Budgeting for Food

Many college students struggle with managing a food budget. Without mom or dad to cook for them, plenty of students turn to fast-food restaurants and nightly pizza runs. So learning how to prepare low-cost meals is another skill every college freshman will need to acquire.

Don’t overlook the value of on-campus meal programs as well, as they can cut down the monthly cost of food.

Continue reading my article, 5 Budgeting Essentials for College Freshmen on Ebony.com.