We all know first hand how difficult it can be to manage money while in college. A budget plan is a helpful tool that helps you track how much money you make and how much money you’re spending. Budget plans are also a helpful way to plan out how you want to save money, whether you’re saving for a fun spring break trip or looking to have some extra cash. Here are a few tips for a successful monthly budgeting plan!
Step 1: Look at your income sources
Know your cash flow! Write down all the sources you receive an income from and count the total.
Step Two: See what your spending categories are
What do you typically spend money on? Analyze your spending and create categories based off of your spending. Examples of these categories can be groceries, subscription services, bills, toiletries, and gas.
Step Three: Lay it all out!
Combine all of this information into one organized space. You can use a budgeting template, a google sheet, or a planner! Which ever format you pick, make sure it has space for you to create your categories and space for you to add extra information as it pops up!
Step Four: Be willing to make adjustments to your budget to help you save!
Reaching your goals can be difficult. In order to meet your goals, you will have to be willing to make adjustments in your spending and in your lifestyle in order to save and make smarter money choices! However, these adjustments don’t need to be life changing! There are small changes that you can make to help reach your goals.
Some easy adjustments are….
- If you have a meal plan, make sure to utilize it! The dining hall has a variety of food options to choose from for breakfast, lunch, and dinner. Using your dining plan during the weekdays and saving eating out for the weekends to cut back on spending.
- Packing lunch or meal prepping is another great way to save money instead of spending money on lunch or dinner daily.
- Make coffee at home instead of taking that daily Starbucks trip
- Utilize free events on campus! If you are looking ways to socialize while also trying to save money, check out Engage! There are tons of free events happening on campus at varying times, including free period and late nights. Events like paint and sips, tie dye, and murder mysteries are free for students and allow you to get that fun night out at no cost!
Tip One: Use online apps to keep track of your spending
Using online banking apps will make it easier to see what you’re spending and will make it easier to track. Apps like Mint make it simple to see what you are spending and has a built in budget planner!
Tip Two: Look for Student Discounts
You miss 100% of the opportunities you don’t take! When you shop in-store, ask for student discounts and when you shop online look for discounts. Here are a few apps with student discounts and other discounts that might come in handy:
Tip Three: Last but not least, SAVE!
We all know how important saving is. By budgeting in ways that will allow you to save will help you in the future. For example, in cases of emergencies or to get things that you like and will be able to enjoy with no stress.
By Priscalene Felix