5 Tips for Making (and Keeping) a Budget

College is the land of sudden and necessary expenses: textbooks that cost $150, rent for your apartment, and groceries because you just can’t live off pizza rolls anymore. When the going gets tough and you realize money is getting tight, just check out these tips for making and keeping a budget in college.

 

Set aside the money you need for rent and utilities, and put it into an account that isn’t connected to your debit card. The separate account keeps the money slightly out of reach and makes it much harder to spend on day-to-day purchases. This will eliminate the last-minute panic attacks when you’re not sure if you’ll be able to pay the rent at the end of the month.

 

I use a spreadsheet template that my older sister created to log each and every purchase throughout the month. With categories such as food, transportation, prescriptions, and toiletries, I’m able to see where the bulk of my spending money goes each month. After a few months of tracking my budget, I realized that my weakness is eating out. Once you identify what you’re spending the most on, you can adjust your habits. 

 

 

If you have a credit card, be sure to pay off the charges as soon as you get the bill. You don’t want to build up any debt for two reasons: it damages your credit score and it also sucks to see that your $15 lamp now costs you $35.

 

Rent and bills must be at the very top of your list, with food at a close second. Every other expense is probably something you can live without. Yes, it’s sad to wave goodbye to Amazon Prime, but that’s fifty bucks back in your pocket, my friend.

Buy toiletries and food in bulk at Target and Costco. Make your lunch some days instead of buying it on campus. Start couponing, and don’t ever get embarrassed about it. Buy an actual piggy bank and save your coins. It all adds up after a few weeks!