When you are in college, it can become easy to get caught up in your busy, stressful lifestyle. With all of the studying and working that you have to do, coupled with hanging out with your friends, working part time jobs and participating in extra activities, it can actually become extremely easy for you to forget about your finances. Unfortunately, your finances are a vital part of your life. Here are some proven tips for a college student’s budget.
Living on Ramen?
1 - Plan ahead.
You need to figure out where your cash flows are coming from by listing incomes from parents, student loans, jobs and other sources. Then you need to figure out what your monthly expenses are, including food, books, health and other activities and fees that you need to contend with. Make sure that you are making enough income to handle your expected expenses, and then allow for extra money to deal with emergencies. Once you have established a basic working budget you just need the discipline to keep to it.
2 - Save on your food.
When you were living with your parents, obviously eating was an expense you did not have to think much about. However, now that you are in college it is one area that you need to pay attention to. If you have a food allowance, use it to its fullest potential and avoid eating out because this will destroy your budget in no time. Whenever possible you should plan meals and pack your lunch.
3 - Take advantage of student discounts whenever possible.
Use your student ID and organization memberships to get discounts whenever you can. They may seem silly but they can really add up over time.
4 - Use cash whenever possible.
If you already have money on your student ID, use this first. Avoid using your credit cards or debit cards any time that you have cash. You should use plastic only in emergencies, because cash is easier to track and gives you a better idea of how much money you have. Most college students end up leaving school with higher credit card debt than before, and this can add up to years of paying off debt because of a couple of years of poor spending habits.
5 - Keep yourself as busy as possible.
Join clubs, groups and organizations in whatever field you are interested in, in order to keep yourself busy. Keeping yourself busy will help you to stay away from things that you would normally spend money on when board. You may find yourself surprised at how much money you can save over time simply by spending less on things that you do not need, and following your student budget instead. Sticking to your budget is easy when you keep your mind busy and yourself entertained.
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Originally posted 2008-12-31 05:43:35. Republished by Old Post Promoter
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Tags: budget, cash flows, college students, credit card debt, Credit Cards, debit cards, discipline, emergencies, extra money, food allowance, food books, incomes, lunch, monthly expenses, organization memberships, part time jobs, stressful lifestyle, student discounts, student id, student loans
Thanks for mentioning our college student budgeting tips!
Great tips!! And for those students who are not working, find a job!