a year ago
Managing your money on your own, especially while you are at college, is not an easy task at all. So how do you effectively manage your college budget is the very thing we are going to uncover in this article. Well, get ready to find out 5 ultimate tips on managing your college budget.
#1 Organize your expenses
First of all, organize your money. In particular, as soon as you get your salary, plan your monthly expenses such as student loans, rent, food, and gas. Besides, do not forget to leave some extra money in case of an emergency and try to save at least 10 percent of your monthly income.
#2 Keep track of your money
If you want to spend less money, you might want to start keeping track of it. Create an Excel file for storing all your expenses and at the end of a monthly check what you spent your money on. In such a way you will instantly see the things without which you could definitely survive and consequently cut your monthly expenses. You can also use such apps as Mint.com in order to keep track of your money even easier.
#3 Specify your incomes
You are probably a little bit overwhelmed with the number of things you will have to pay for at college. However, there is no point of panicking, you can totally do it. So in order to sufficiently manage your budget, you have to specify your incomes. Your incomes are the money you get from your parents, scholarships and grants, savings as well as the money you are paid at your part-time job (if you have one). So what you have to do is to come up with your monthly income and plan your budget in accordance with your incomes. Note that it is better to plan the minimum amount you can possibly get so that at the end of a month you won’t be in the need of money.
#4 Find your perfect balance
Once you strictly planned your expenses, you might face such a problem as lack of pocket money. Indeed, it is better to shorten the amount of pocket money you spend every day. At the same time, you are going to be super stressful at college, so you will need to relax somehow. But movies, restaurants, and nightclubs are rather expensive, so what do you do? Well, just save some money on such things as Starbucks morning coffee and save some extra money for going out on weekends. For instance, a week without Starbucks (or whatever other company you prefer) coffee will save you approximately $25-30, which is quite a lot. So drinking homemade coffee will definitely pay off.
#5 Study your spending habits
Before creating your money plan, study your spending habits in order to figure out which particular things you really need and without which ones you can totally survive. Thus, you will come up with a proper monthly expenses plan, which will be super easy to follow.
Keep up with the Typical Student daily email