Refund Checks! How They Work and What to Do With Them!

At this point, it's probably clear what refund checks are and what you should do with them. You receive a refund check because your financial aid has paid your tuition and/or student housing and you are rewarded whatever money is left over. Between buying books, paying for rent, and even items for yourself (you've been broke, you deserve a little something right?) refund checks come in handy, what would we do without them?


However, there are defiantly right and wrong ways to use your refund checks. I mean, the amount a person can get back on their refund check varies from the hundreds to the thousands -- and that kind of money without budgeting can go fast! So lets look at some do's and don'ts in regards to your refund check. It might save you from the mid-semester "I'm broke" blues.

• DO make a budget of how you plan to spend your refund check. Make sure you have enough money to buy your books (which we all know are EXPENSIVE!) and/or rent if you are not living in student housing. It's okay to take out money for yourself! Just make sure you have enough of that check to take care of your immediate responsibilities. 

• DO put some of that money away for savings. It's easy to feel the need to spend your entire refund check with no remorse, I mean it's not like its really your money. BUT, for times when you are without a job or when you are waiting for a potential job or internship to pull through you're going to wish you saved. There's nothing wrong with tucking away a little something for emergencies. 

• DON'T buy that overly expensive new IPhone, purse, or go on a ridiculous shopping spree just because your checking account now seems fruitful. Chances are, that 500 dollars you just spent could be saved and used to help you during the middle of the semester when you are broke and hungry. 

                                                                                                        

                                                                                                      (We've all had this feeling before)

• DON'T spend the entire refund check. This one is difficult and directed for those who are paying for college with loans. If your refund check is a result of loan money, it would be smarter to save some of that money so you are able to pay back your loan faster. Think of it as two thousand extra dollars you don't have to pay back out of pocket for that four thousand dollar loan. It's tempting to spend it all, but it'll save you heartache later. 

• DO get yourself something nice. I'm not saying you can't refresh your wardrobe a little or replace your phone that has had a cracked screen for the longest. Just be smart with what you buy, budget, and make sure you always keep track of how much you are spending!