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This article is written by a student writer from the Her Campus at BU chapter.

The urge to say yes to invitations to go out or shop every time your paycheck gets deposited into your account can be incredibly tempting. If you want to avoid the struggle of waiting for your paycheck to cover necessities, it’s time to start budgeting. I have five tips to direct you to a path of financial savvy.

Divide Up Your Paycheck

One of the simplest and most effective ways to distribute your hard-earned money is by following the 50-30-20 rule.

Put 50% of your paycheck in your savings. This is your financial security blanket. These funds will serve multiple purposes, including school expenses, emergencies, and future investments.

Dedicate 30% to your necessities. These include groceries, toiletries, and any other basic needs that keep you going throughout the month.

Finally, use 20% for whatever you personally want. This is your playground. It’s for the fun things, such as shopping, concerts, outings, and all the other activities that make college life exciting.

Save for School Expenses

Within that 50% distributed to savings, you should set aside a portion for your education-related expenses. This includes your tuition, textbooks, sports passes, and any other school-related costs. By budgeting for these expenses, you won’t find yourself scrambling to cover them when they come due.

Keep an Emergency Fund

Life can throw unexpected curveballs, so it’s essential to always be prepared. Part of your savings should be designated for emergencies, like unexpected medical bills or accidents. Having this financial cushion will provide peace of mind and prevent you from having to ask your parents for money.

Prioritize Your Necessities

While you may be tempted to spend more on personal indulgences, it’s crucial to prioritize your necessities. Ensure that you have enough funds allocated to cover your basic needs before going on shopping sprees or buying concert tickets.

Account For Personal Splurges

Last but not least, the personal category is where you get to enjoy yourself. Treat yourself to those concert tickets you’ve been eyeing, go shopping for that perfect outfit, or enjoy a night out with friends.

Just remember to stick to your budget, and if your 20% runs out, wait until your next paycheck to splurge again.

Learning to budget as a college woman can be empowering. It allows you to take control of your finances, reduces financial stress, and ensures you’re prepared for the future.

follow these budgeting tips and you’ll soon find yourself more financially secure and ready to embrace all that college life has to offer.

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Isaira Alvarez, I am a sophomore majoring in journalism in the college of communications at Boston University.