Going back to college after summer break is exciting, but it can also be expensive. Between buying textbooks, getting groceries, going out with friends, and convincing yourself that you need a new outfit for the first week of classes, it is surprisingly easy to spend way more than you planned. Before the semester gets too busy, taking a little time to figure out your budget can save you a lot of stress later.
- Step 1:
The first step is figuring out how much money you actually have. This could include money from a job, savings from the summer, financial aid, or help from your family. Once you know how much you have, think about how long that money needs to last. Seeing the amount broken down by month can make it much easier to figure out what you can realistically spend.
- Step 2:
Next, separate your needs from your wants. Rent, groceries, gas, textbooks, and other bills should come first. After those expenses are covered, you can figure out how much you have left for things like shopping, coffee, eating out, and going out with friends. That does not mean you have to completely stop spending money on things you enjoy. One thing that can make budgeting easier is giving yourself a specific amount of “fun money” each week or month. Having money set aside for things you actually want makes it easier to enjoy yourself without constantly worrying about whether you are spending too much.
- Step 3:
Another easy way to save money is to take advantage of student discounts and free campus events. College campuses, like mine, usually have plenty of activities, giveaways, and events that are either free or inexpensive. You can still have fun without spending too much every weekend. Most importantly, do not compare your spending to everyone else’s. Just because your friends can afford to go out to eat multiple times a week does not mean you have to. Having a budget does not mean you are missing out, it means you are being smart about your money.
Starting the semester with a realistic budget might not be the most exciting part of going back to school, but your future self will definitely be glad you did it. And honestly, making it to finals week with money still in your bank account is a pretty good feeling. As always, this is just my opinion based on what has worked for me, not professional advice.