I am the first to admit that I have not been the best at budgeting in the past. It is so easy to click the order button and forget that you just spent $100 on some new sweaters you probably didn’t need. However, there are still ways that you can budget your summer income to last the school year without sacrificing some good old retail therapy.
Something that I started taking more seriously this summer was writing down my monthly income from my summer job and using it as a guide for how much money I will have when I am at school. I kept track of how much I made each month, how much I spent, how much I put into savings, how much money I had in cash, and how much in my checking account. This helped me visualize the amount I was spending and what I was spending it on. For example, I saw that I was spending an absurd amount on coffee and food, so I cut back on it and saved a lot of money.
Another way to budget your summer income is through giving yourself spending money and setting a limit for the semester. This semester I have allotted myself a certain amount of spending money that I can use for wants but not needs — clothes, shoes, accessories, etc. Then, I have set aside money which will be used for necessities — cleaning supplies, food, textbooks, etc. I have found that this helps me keep track of how much money I am spending and where it is going towards. It has become much easier and more rewarding to spend money knowing that I am keeping track of exactly where it is going.
In terms of saving money on top of budgeting it, remember to use your student ID where you can! There are several places in town where you can use your Stag Card for a discount, and so many popular retail stores give student discounts if you show your student ID or give your student email. I have used this wherever I can, and even if you save $5, it can make all the difference for a college student.
I hope that you have found some interest and motivation in budgeting your funds to get you through the year! If you have any budgeting tips, please feel free to comment them!