Monthly Budget Tips for College Students

Have you ever gotten that dreaded phone call from your parents telling you your bank account is in the negatives? If so, join the club. However, do not fret! There are plenty of tips and tricks to help you stay on top of your spending and ensure that you do not overdraw your account again!

 

First things first, at the beginning of the month write down how much money you have to spend. It helps to keep track of this on a piece of paper or in the notes on your phone. Every time you get any kind of extra money, be sure to write it down! Also, try to set a personal spending goal. A goal that could be helpful is to not let your balance get below $20 before the end of the month.

 

Before spending any money, write down necessary purchases for the month. Categorize this spending into grocery money, gas money, rent, bills AND emergencies. Many people do not prepare for emergencies, but you need to have enough money in your account to go to the doctor if you end up getting the flu! Bar covers, shopping and going out to eat are all fun things to do but at the end of the day these are NOT necessary purchases. Use your extra money for these things to avoid getting yourself in a pickle. After every single purchase keep your receipt and write it down in your notes!

 

Finally, ALWAYS ALWAYS ALWAYS use cash for your purchases unless you absolutely cannot. This is by far the hardest habit to get into but it is the most helpful! This is where you will become aware of those unnecessary purchases you made last week at Target (LOL)! Keeping track of your spending does not have to be hard and time consuming. If you can follow these simple tricks now you will help prepare yourself for spending money wisely in the future. You also might earn some brownie points with your parents!

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