Thursday, October 29, 2015
Budgeting in College
It can be hard to budget your money well as a student, but it can be done! Take a few steps to getting your finances in order while going to school.
Overestimate your expenses.
If you overestimate your expenses and under spend, you will end up with a surplus, or at least a little extra money than you had planned. You'll find that you can live less expensively than you planned for and be saving more money.
Underestimate your income.
This is a similar principle to that above. Allowing yourself to live on less will keep you frugal and perhaps even allow for that leftover surplus you hadn't anticipated.
Get advise from others.
Plan a budget that works for you, but ask friends and family members how they budget and implement advise and helpful tips from them.
You need to set reasonable goals. Have realistic standards for yourself and stick to them.
Differentiate between needs and wants.
Sometimes it's hard to let go of the things we want, but having everything we actually need is much more important. Get your priorities straight and make sure you aren't unnecessarily adding "wants" into your "needs" category.
Align your budget with your goals.
Have goals for yourself financially and integrate your life goals into the way you budget. If you fail to set goals, you will have a harder time seeing success.
Having a portion of money in your budget allotted to savings every month is often forgotten. Don't forget to save!
Review and adjust your budget.
You might find that after the first month or two, a few things will need to be adjusted. Revisit your budget on a regular basis and make appropriate changes where necessary.