Money is an emotive topic for college students. They want more of it but they don’t like to budget or save. Find out how you can have more money here.
How to Budget and Save Money as a College Student
That’s the percentage of students in college who said that they aren’t saving money monthly, and also 43% don’t track their spending.
As a student, you’ve got tuition fees to worry about, rent to pay, and other different tasks that come with being a college student. But what if I told you that lack of a budget or plan is holding you back from settling your student debts and having peace of mind.
What if I told you it is time to start budgeting?
Financially skilled students know the fastest way to settle their financial stress is by creating a budget. If you decide to create a budget, you will lower your stress about money.
So, in this post, you’ll find out two steps you can take to start saving and know how to budget as a college student.
- Track Your Spending
Do you know the amount of cash you have spent for the day, week, or month? Do you know the amount you spend on food, entertainment, and school work? These are just some questions you have to ask yourself.
You can either start by taking a pen and pencil or use a budgeting app that will show you how to budget in college.
If you know what amount of cash you spend on beer or drinks, eating out, and a service like do my assignment for me, you will know whether you’re overspending or not. Credit cards are notorious or great at making people overspend. As Elizabeth Warren once said, “I don’t like credit cards. They make overspending very easy. They can make life a lot more complex and stressful.” So, maybe, it isn’t such a bad idea to pay for things in cash.
- Manage and Plan Your Spending
A plan is needed to know what amount and where your money will go. If I tell you do my homeworkfor.me, and you’ve other different assignments to work on. You’ll need a plan that will help in managing each assignment and enable you to complete it. The same way a plan is important in your studies, so it’s crucial in your finances.
This means that you should know what your priorities are. Things like rent, tuition fees, and food are a priority. If you find that you are spending more money on unnecessary items or things you can cut out like eating out daily, alcohol, and even a Starbucks, you can do away with them. This means that you should start living the frugal lifestyle. You can start by cooking more and can buy a coffee maker to reduce your spending on outside food. With such a plan you’ll be a better financial manager and saving money will be easy.
A good budget should be flexible, realistic and helps you in achieving your goals financially, like graduating debt-free. Remember to track, plan, and manage what you spend, and you’ll become not only financially smart but have less debt.