This post is about Budgeting.
What I realized over the past few months is… THAT I’M AWFUL WITH MONEY. 🙁
I could spend a two-week paycheck in less than an hour(…which by the way isn’t all that, when you get paid minimum wage).
Eventually, you don’t even know where the money went. However, I learned that if I want to survive college not eating ramen noodles every night, I have to become more financially responsible.
Learning how to budget is a vital skill any student or young adult needs to learn in life eventually.
Budgeting For College Students
1.Want vs. Need
Firstly, let’s talk about the difference between want and need. Let’s say you are walking with your friend’s window shopping when you see a shirt you like.
You’re contemplating whether or not should you get the shirt. In reality, you know you probably already have five other shirts that look like it. The item you want is most of the time, not a necessary need.
Ask yourself whether or not do you need it at the moment. This method could help you save a bit of money.
2. 50/30/20 Plan
The 50/30/20 plan is when you divide your paycheck by the percentage. 50% of your paycheck goes towards absolute necessities like housing, transportation, and groceries.
30 % of your paycheck goes towards the wants in life like clothes, cable, travel, and eating out. Finally, 20% goes towards savings and student loan debts. This is the plan that I am currently trying and so far been pretty successful.
Dave Ramsey’s is well known for budgeting. He provides guidelines on how to save and invest money to get out of debt and still live a nice lifestyle.
4. Card vs. Cash
Paying transactions with cash, compared to cards, you could feel the actually loss of money, which keeps you more aware of how much you are spending.
5.Find Free Activities
Lastly, finding free activities around campus or even just find an in-home activity that won’t break the bank like board games, movie nights, or simply taking a walk around the park
I hope these tips gave you some ideas!
Other Posts You May Like:
- What I Stopped Spending Money On That Saved me Hundreds of Dollars
- How to Travel on a College Students Budget
- 52 Unheard of Student Discount Ideas
“Never spend your money before you have earned it.” –Thomas Jefferson