Budgeting Tips for College Students
Being a college student is a hard time for us since it is a transition stage. The time for more responsibilities specially in terms of handling money. The first thing a college student must practice is the art of proper and effective budgeting. College is really expensive, therefore, every student must take consideration of their budget.
Budgeting is not an easy subject, it is a long and continuous process. Majority of college students can't handle their money wisely and end up broke. Starting to budget is hard but the harder part is sticking to it. That's why only few college students can save money. Every student should learn budget tips that will work for them.
Every now and then there are a lot of requirements to fulfill and expenses to face. To help you with your budgeting I round up the budgeting tips for college students that works.
Budgeting Tips for College Students
Here are the 18 budget tips for college students:
1. Make a Plan - Planning is the fundamental structure of everything. If you have a good
plan means you already win half of the game. Make a concrete structure of your strategy or lay out every factor that may affect your goals.
2. Set Goals - Setting goals make it easier to achieve the plans you created. Make sure that your goals motivate you to achieve it successfully. You can set a short term or long term goals. Ask yourself, why are you budgeting?
3. Track Spending - Tracking spending is always one of the biggest factors in budgeting. You must list down all your spending throughout the day for a month and analyze if where you spend the most. This will serve as your starting point in cutting expenses.
4. Know the Difference Between Wants and Needs - Every individual has their own lists of their wants and needs. At this point you must know how to distinguished needs from wants. Your needs should always be your priority and always remember to live within your means.
5. Avoid Getting Credit Card - There are now numerous college students who own a credit card. As far as you can, try not to get credit card since you still don't have source of income and if so, can you use it wisely?. College students are terrible in handling their finances and spending which only means that it's not yet the right time.
6. Don't Abuse Credit Card - If you are a credit card holder, then, don't abuse it. Only use it during emergencies and other important matters. Having a credit card during college allows you to build your credit score.
7. Pay with Cash - As much as possible learn how to pay with cash. There is a study that if you want to stick to a budget better bring cash than credit card. You spend more when you use credit card.
8. Avail Student Discounts - Shop to stores that have student discounts. Student discounts typically range from 10%-20%.
9. Take Advantage of Freebies - There are a lot of programs and activities conducted in universities like concerts, movie show, theater, plays etc. Instead of watching movies on cinemas or going to clubs better attend free concerts inside the university.
10. Buy Used Textbooks - Used textbooks cost almost half or 3/4 of the original price. You can find used textbooks on sites like Craigslist, eBay and Amazon.
11. Rent Textbooks - Another alternative is to rent textbooks instead of buying it. You will only use the book for one term or two so its wiser to just rent it.
12. Buy School Supplies in Bulk - Buying school supplies in bulk will help you with your budget. You can sell some to your classmates or roommates. You don't need to go back to store once in awhile that will cost you more.
14. Make a Grocery List - Prepare a list of all the items you need to buy inside the grocery. This will save you time and can avoid you from impulse purchases.
15. Learn to Cook - Cooking your own foods is less expensive that eating outside. Try learning to cook your breakfast and snacks first before jumping to lunch and dinner.
16. Set Aside Emergency Funds - As early as today you must learn and set aside portion of your money intended for emergencies. This will help you incur debt when something unexpected happen.
17. Split Costs with Friends - One way to lessen expenses is share expenses with friends. If you're living alone in an apartment ask your friend to live with you and share the rent.
18. Use Budgeting Apps - There are several budgeting apps available for downloads. These apps will help you stick to your budget and track all your spending.
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