Effective Budgeting Tips for Students

Effective Budgeting Tips for Students

Effective Budgeting Tips For Students

query_builder February 18, 2014

Budgeting can prove one of the biggest challenges for students. They are easily carried away by the joyous campus atmosphere, independence and freedom to buy whatever and whenever they want to. But at one moment every student realizes that being in college is ridiculously expensive. Why, everything costs money, from textbooks to accommodation and entertainment. Nevertheless, while it is impossible to avoid spending, everybody can spend smart.

Here at you can find some helpful budgeting tips

1. Know your monthly income. Take into account everything: your student loan, earnings from your part-time job, money your parents give you, gifts, etc. In order to spend wisely, it is essential to know how much you get.
2. Figure out the essentials – the things you have to pay for no matter what. These include your rent, bills, food, transportation and school supplies. Mind that you can spend on your “wants” only after these “needs” are covered.
3. Always watch your expenses. A good idea is to save all your bills and receipts for everything you buy, from a chocolate bar to a new tablet. Then at the end of the month you will be able to quickly calculate he total sum of your expenses, see the things you could do without, and save on them.
4. Buying on impulse is what you should avoid at all costs. Before you purchase another DVD or pair of jeans, stop for a moment and think: do you actually need it? You’ll be surprised how much money you can save by not yielding to such temptations.
5. It is perfectly understandable that you want to relax after a hectic day. But this doesn’t have to cost a fortune. Instead of going to a lavish restaurant or night club you can play tennis on campus, organize a pizza party, or go to a movie theater on your campus.
6. Another way of money saving is to abstain from abusing your credit card. Remember you will have to pay off sooner or later. If you are a big spender, take as much cash as you can afford to spend instead of credit card when going out.
7. In case you overspend, don’t get too upset about it. It is hardly possible to follow the budget to the letter. Simply return to your regular spending as soon as possible