Creating a College Budget
This blog was written by Campus Ambassador Laura Notorangelo, a Business Communication major from Arizona State University.
All day everyday, money is on everyone’s mind! This is especially true with college students, whose budgets are infamously tight. After all, college tuition is the most expensive thing that most individuals will ever pay for! Use these valuable tips to make sure you’re not in debt after graduation.
Create a weekly expenses list
College students are typically relieved to spend money without mom and dad doling out financial advice. But in order to be a successfully independent spender, write down in a section of your planner what you will need to buy that week. Needs are necessities like food, clothes, rent and loans. This simple tactic will make you acutely aware of your own spending habits.
Buy only what you need
Whether at a boutique, grocery store or restaurant, college students can easily dig themselves into debt. Therefore, making your money grow requires conscious efforts to be financially stable. For example, do you really need 3 different kinds of bagels at the grocery store? At the boutique, are you really going to wear that dress you bought for no particular reason? You get the point; always streamline your purchases based on what you need.
Save a fixed monthly amount
If you have a part time job or your parents give you a monthly allowance, you should decide how much money you want to set aside each month. Even $10 will accrue to a large long-term gain if you’re a consistent saver. Try to save $50-$100 each month, then you will have valuable long-term gain. Ready, set, save!