The idea of budgeting sounds extremely boring and not at all fun. When I first started college, I didn’t know how to budget and freely spent my money. The freedom I had took a toll on my finances. I decided to prioritize my future and set up better financial goals! Here are some tips to get you started.
- Download or create a budget sheet
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It can be confusing to figure out where to start! What I have found works best is a budgeting spreadsheet. You can find pre-made ones online or create your own. This is really useful to see where you are spending your money and how much goes to different things such as tuition, rent, car insurance, etc.
- Make a list of monthly expenses
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Compile a comprehensive list of all of your monthly expenses. Some of this may include transportation, living costs, food money, coffee expenses, clothes, activities, and internet/streaming services.
- Be realistic
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When budgeting you want to make sure you are being realistic with costs. If you are working on your grocery budget, make sure you aren’t thinking you’ll just eat pasta for a week because it’s cheap.
Add room for mistakes or unseen circumstances such as doctor bills, etc!
This is a great way to start and will set you up for financial success and less stress throughout college! Ask your parents or a friend for help if you feel lost or confused.