Tips for budgeting the first year in college

Tips for budgeting the first year in college

Publication date: 2017 Nov 06

“There’s no money in my pocket – I’m a student….oh, just deal with it. Here should be something that rhymes and explains why student are short on money but there isn’t – students are unpredictable. College life is so exciting, especially during the freshmen year. Planning the budget for the first year in college is the hardest because of the variety of amazing events and cool things to spend money on.

If you have never seriously planned your budget before this article is exactly for you. Follow some of our tips and don’t get broke!

PLANNING THE BUDGET AHEAD

School and college budget differs a lot. It’s no wonder: there’s less of parents support in money when you enter the adulthood. Though, there are a couple of things that make the usual life style, such as: preferences in drinks and food, certain brands of clothes and favorite places to hang out with friends. Now, when the budget is rougher, there’s a chance that this usual patterns may change. Think of the most important aspects of your life that you have to spend money on and try to plan the estimated costs for them before you come to college.

KEEP TRACK OF YOUR INVESTMENTS

Does this logic circuit look familiar: a decent amount of money in the wallet, a cup of coffee with a friend, some purchases in the grocery store, oh wait the lipstick is on discount, some other stuff that you’ve always wanted but never actually needed, and finally perplexity – where did all my money go? Yeah, that sometimes happens to everyone. However, sticking to this circuit all the time will lead to getting broke. Keeping track of the expenses is the best way to avoid it. Write out your spendings on a paper or in your phone. Visualizing the expenses at least for a month will help you understand what is not so necessary to buy and plan the budget wisely. Another way to organize the purchases is to write them out by categories, such as: food, clothes, nights, etc. Maybe, there are things that you just cannot live without, so you can cut on some other category and safe the money for the favorite comic books or a new pair of shoes.

THE FIRST AND THE HARDEST

The first year in college turns out to be the most expensive for a couple of reasons. You are a newcomer and don’t know what places are chipper to have a coffee or a drink with a friend. It needs time to realize what places and stores are more cost-effective for your budget. Plus, tickets for student events, wristbands, college T-shirts, sportswear and various membership fees suck out of the pocket a great deal of income. So do not worry if the first semester will be the most expensive one (it will get easier after winter holidays). Be ready for some extra expenses in the first couple of months.

IT IS POSSIBLE TO SAVE

If you mainly depended on your parents in terms of money, you probably will feel the changes in your life style. Try to stay flexible. To save some money it’s better to cook on campus and take some sandwiches with you to college instead of buying in the cafeteria. Think of rearranging your eating patterns: make sure it is nutritious and healthy but plane and inexpensive at the same time. Though, in college my meal of the year was spaghetti…