BUDGETING TIPS FOR COLLEGE STUDENTS

TOP 9 BUDGETING TIPS FOR COLLEGE STUDENTS

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When you enter into your college life, actually you enter into a whole new world of experiences where you have a lot of new things to discover, see and learn. Sometimes, things may not be as per your expectations and you have to face problems but if you are ready to tackle with them, there is nothing to worry about. However, if you get into new life with no clear vision, there is something you should really worry about. There may be lots of problems and one of the biggest problems that students face is “how they are going to survive within their budget”. Not all the students are good at accounts and thus, they often miscalculate their expenditures which result into more of the problems. Therefore, it is highly important to create a well balanced budget. Here are some good tips for students to help them create a money saving budget:

1: Follow a Practical Approach

If this is the first time you would be making your budget, the first two things that you need to know are predictable “income and expenditure”. Most probably, you know your source of income but there must be various expenses which you don’t even know right know. So you are supposed to make your plan as per income and expenses that are in your sight right know.

2: Necessities and Lavishness

Secondly, you need to create two categories of expenses i.e. “necessities” and “lavishness”. Once you know the difference between both, you can put necessities at the first place because you can’t leave it for the next day but on the other hand, you can leave lavishness for the time when you have more than your regular expenses. It is like creating a personal or home budget.

3: Sources of Income/Expenses

• Take Minimum Income on Count: you have to be pessimist about excessive income because if you know you are not going to get more money, you will try your best to live within your limits. This will allow you to save some money at the end of the day.
• Take Maximum Expenses on Count: This will help you reserve some room for the expenses that may come to your surprise when you are not even expecting them. Keep some money reserve for this purpose.

4.Create a Header for “Other Expenses”

Put all the expected expenses into a list and make the total amount. Then, add an additional 5-10 percent amount of the total expenses and place it into a new category “other expenses”. In this way, you can easily adjust your budget just in case you have to deal with extra expenses which come along the way while you don’t know about them.

5.Don’t Count Saving as Reserves

Most probably your flexible budget would help you save some money at the end of the month that you can keep as savings or use for your lavishness. Sometimes you might have to take online assistance for writing UK Essays and assignments and then the savings will serve you the best. So if you successfully save some money, better to expense it out as “other expense” at the end of the month.

6.First Set Goals and Then Create Budget

Set your budget and spend few weeks on it and then review all of your income and expenditures and decide what heads are necessary or unnecessary. As a student, you must have some targets to achieve and your budget should be commensurate as per your needs. You must have some short as well as long terms goals and these must be achieved.

7.Create a File and Keep the Record

Throughout the budgeting month, you spend your money on variety of expenses such as loans, fuel and maintenance, travelling, housing, utility bills, fees and other charges etc. You should have receipts and bills of every expense that occurs. The record folder will prove to be very helpful at the end of the month/year while you need to review your budget.

8. Make a Petty Cash Register

Make a petty cash register and draw a Lump-Sum cash amount for everyday expenses. If you make your payments through credit card, you may not usually be able to record every dollar that you spend while on shopping or handing around. On contrary a cash amount will make you more careful about everything you buy. So it is always good to keep some cash with you and you must know how much you have and how much you are allowed to spend as per your budget.

9.Give Yourself a Favor

It is not always possible to stay on track and follow your budget because sometimes, you have to deal with unmanageable things. If you are with your friens, you might not be able to hold your hand while the other friends are spending money. So don’t worry if you can’t stop yourself occasionally as that’s part of life of a student.

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