TIGER ATHLETICS
College, sweet freedom! Nobody to tell you what to do, when to go to bed, how to spend your money… until your bank account does. Budgeting for college students can be very hard to do. It’s easy to say, “I’m responsible with my money, I don’t need to budget!” until the semester is longer than your credit limit and you can’t afford gas to drive home. It’s one thing to say that you need to budget, but how do you actually do it?
Here's How Budgeting For College Students Work
Track your spending.
How much money do you already spend each week? Is everything necessary, or could you find a cheaper alternative? Knowing where your money goes is half the battle.
Check your accounts regularly.
Online banking allows you to check your account balance from your cell phone, no matter where you are. Try making it a habit to review your account balance at least once a week and before any major purchases.
Budgeting for college students means cheaper alternatives.
Hit up thrift stores rather than the mall for a wardrobe upgrade, invest in a coffee machine in place of $5 daily lattes at your local coffee shop. Instead of going out to eat, go to the school cafeteria or make your meals if you live in an apartment.
Take advantage of memberships.
Many places have free memberships that give you access to coupons, special discounts, and may even have a reward program for free items or cashback. If it’s a place you shop or eat at regularly, it may be worth the few minutes it takes to sign up.
Know what you have.
It’s hard to plan where your money will go if you don’t know how much money you have. If your family is providing you with financial assistance, find out how they’re giving you it. If you’re working, keep track of how much you make each paycheck.
Anticipate the necessary expenses.
It’s important to know when you have to make tuition payments, when you’ll need to purchase textbooks, or when you’ll need a little extra money to pay for gas to drive home. Keep track of when these expenses will arise and plan your budget accordingly.
Write everything down.
You don’t need an elaborate spreadsheet, just a simple notepad to keep track of when you spend or receive money to help ensure your account never hits zero.
Save extra money.
If you find that you have more than enough to cover your needs and some of your wants, put anything extra that you have into savings. This can give you funds you may need in the case of an emergency or give you a head start to paying off your student loans.