Being broke is an attribute that comes along with being a college student. Juggling between paying rent, going to school full time, and finding a flexible work schedule that will pay enough is really tough. While there are times when the only thing you had all day to eat was a bowl of ramen noodles, it is safe to say that these sacrifices will one day pay off. Here are some tips that will help the budgeting process become easier.
1. Establish a spending limit.
Establishing a spending limit and actually sticking with it might be the most difficult part of budgeting, but it is also the most vital. Every week give yourself an amount of money you can spend on food; whether it’s eating out or eating in, give yourself an amount of money you can spend on going out. This limit includes going to the bars, movies and out of town. You could always include treating yourself, going to the nail salon, going shopping, buying new make up or hair products but do not exceed this spending limit!
2. Cooking
While everyone enjoys eating out, this can be harmful to your budget. An average meal at a restaurant ranges roughly around fifteen dollars not including the tip. A fifteen dollar meal multiple times a week can quickly add up. Instead, spend a reasonable amount of money on groceries and start cooking! You will quickly find that you’re spending less money and eating at home is always the healthier option.
3. Prioritizing
As with everything else, it is very important to know how to prioritize when it comes to spending money. If your car needs an oil change but your nails also need a fill-in, always go with the more important choice, which in this case would be your car! Temporarily delaying your nail appointment to get that oil change will be a decision you will appreciate later on!
4. Open a savings account
The majority of college students either only have a checking account or don’t have anything in their savings account; having a well taken care of savings account will always be beneficial both in short and long term cases. Emergencies are bound to happen, your car may break down, and turning to your parents might not always be so easy. Having a little security money put away is always great for any situation!
In reality, good financial habits are a difficult to acquire and requires patience, discipline and practice. Good finances are also vital for you and your future. Just like paying rent and bills, finances are a part of growing up!
HCXO!