5 Tips for Managing Your Finances On A College Budget

College is great when it comes to making new friends, finding yourself, and discovering your life long career goals. However, those entire 4 years and plus some you are struggling financially. Either your parents have you on a strict budget or you are working a minimum wage part-time job(s) while attending school full-time. Here are 5 tips for ballin’ on a budget:

1. Plan Your Monthly Expense

   1. Always get your priorities out of the way first. Calculate the amount you will need to cover your rent, gas, utilities, groceries, and any other bills for the month.

   2. Include the money you take out to put into your savings or any other saving plans.

   3. Consider what’s left over as your “spending” money.

   4. Take out cash each week (a smart amount of cash … lets not go overboard) AND ONLY SPEND CASH!

   5. Once out of cash that’s it. Do not take any more out because if you do then that defeats the purpose of saving.

2. Go Bank Hunting

    Be sure to find a bank that fits you and your personal spending. If you overdraft from your account a lot try finding a bank with little to no overdraft fees. Make sure the bank you choose has a college plan that helps you budget and save efficiently. Try to avoid a monthly maintenance fee on your accounts. However, ALWAYS make sure that your bank is FDIC insured.

3. Savings

   Let’s save smart! When you receive your paycheck set a particular portion or percentage of it to automatically go into your savings.

4. Debt: Get rid of that Sh*t

   1. When it comes to managing credit card debt and loans be sure to pay the bill on time. Do your best to never miss a payment… like EVER!

   2. When paying your bill always pay more than the minimum amount required.

   3. When you spend on your credit card be sure to balance and budget. Always keep track of what you spend therefore when you receive your bill there won’t be any surprises.

5. #FinanceGoals

   Everybody does not have the same goals nor does everybody make the same monthly income so, be sure that your personal goals are attainable for you. Put specifics for your saving goals. Always lock down on a dollar amount when saving up to purchase something or just saving in general.