Attempting to budget money as a college student can literally make you want to pull out all of your hair. Whether you are given financial aid, work full-time or your parents fully support you, one thing always remains…budgeting. I’ve been working really hard lately to find a balance between things that I need versus things that I could live without. I have to admit, it is NOT easy. This week I’d like to do us all a favor and talk about some of the tips I’ve been given recently that will help you save and balance your money. Feel free to share what works for you.
- Document EVERY bill that you have for the month such as: rent, electric, utilities, water, phone, groceries, car payment, insurance, ect. Have it written down where you can see it, either in an agenda, an excel sheet or a pad of paper.
- Add your total amount of bills due for the month and subtract that number from the total amount of income you receive per month. Doing this will give you structure to what your monthly bills will be and if they ever fluctuate.
- Know your due dates. If you have to break it down per week, than do it. This is one of the most important parts to budgeting your money. No one likes getting hit with a late fee.
- If you have left over money, put a percentage of that in to a savings account and do NOT touch it if you can help it. Building a savings account is important, especially in case of emergencies.
- Give yourself an allowance to spend money on things that you can live without each month. This will maintain structure to you and your account, yet allow you to not spend too much money on unnecessary items.
- Ask your friends and family how they budget their money. After all, some of the best tips often come from our parents.