Posts Tagged ‘college students’

Great Budgeting Examples

Friday, August 7th, 2009

Need some budgeting examples?

When you are looking at ways to implement a family or individual budget into your household, one of the most proactive steps that you can take is to look at great budgeting examples from other sources. Because everyone has unique financial and budgetary needs, there is no real one size fits all, cookie cutter solution to budgeting. However, by exploring what great budgeting examples are out there, you can source information, techniques, tactics and resources from what other people are doing, and bring them together to create a fully customized, completely unique solution to your own budget planning system.

There are numerous different great budgeting examples out there for different purposes. Who you are and what you hope to achieve in budgeting are both vital considerations to make when creating your own budget based on great budgeting examples that you find elsewhere. The Excel method of budgeting comes highly recommended by a variety of different people, including college students that have a primary staple food of Ramen noodles filling up their cupboards and busy moms that have to track a lot of different variables as seamlessly as possible.

The first consideration that you need to make when looking at great budgeting examples and drawing from them to create your own fluid, seamless budget, is what your main intention is. Are you trying to save up some extra money for a new car, or are you just trying to have enough money to get all of the bills paid at the end of every month? If your intention is simply to “save money” with no real goal in sight, then obviously your budget is going to be a lot more lax than someone who needs to pinch every penny for a new apartment, a better car or a big cross country move. College students, new moms and other certain individuals get hit harder, because every penny really matters and this requires for them to create much stricter budgets, which you can draw resources from if you are looking for something tight.

When exploring great budget examples, keep in mind a basic idea of how strict or how lax you want your budget to be. Some budgets account for every dollar you take in and every dollar that you spend, while others only place basic requirements on you to develop spending habits for better spending. Both of these great budget examples have merit, so it is really up to you to decide which is going to best meet your individual needs, whatever they may be. If you are serious about implementing your own budget system into your life in order to save money, looking at great budgeting examples and drawing from them to create your own custom plan is a really smart idea. This way, you will have a budget that is going to work for you based on your needs, rather than forcing you to struggle with a budgeting plan that doesn’t suit your lifestyle or your individual goals.

Photo Credits: 1

Originally posted 2020-12-08 05:03:40. Republished by Old Post Promoter

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8 Tips for College Student Budgets

Monday, July 6th, 2009

#4 Pace Yourself

Below are eight tips for college students about money and finances.

1. Track your Expenses

If you track your spending for a few weeks, you will be better able to figure out where your money is going. Are you spending an exorbitant amount of money on Starbucks? You may want to cut back. Most college students do not realize where their money is going until they really take the time to pay attention to their receipts at the end of the week.

2. Formulate a Plan

The best way to manage your finances over the course of a semester is simply to sit down and really take the time to map out a budget. List all of your sources of income, tracking potential income and actual income earned. Then list all of your expenses, including tuition, books, groceries, and so on. When you have a plan formulated, you can better track money coming in and going out.

3. Make Room for Good Time Money

You need to make plans to have a little bit of personal spending money for entertainment purposes, eating out or other special purchases, otherwise you can easily throw your entire budget plan out of whack. Make some room for entertainment money and just vow to stay within your budget from month to month.

4. Pace Yourself

If you spend too much money at the beginning of the semester you will run out of money before the end. Give yourself a weekly spending limit based on how much income you have, and stick to it so you don’t end up tapped out by the end of the semester.

5. Go Easy on Credit

Credit cards are nice, and useful, but only for some purchases and not all. One quick way to spend way beyond your means is to use credit in the wrong ways. Use your credit cards sparingly if you have them, otherwise you may end up hooked on charging things, which is a great way to rack up unavoidable, unnecessary debt.

6. Set a Personal Credit Line

Just because your credit card has a limit of $2,000, that does not mean you have to spend that much. Only spend what you can actually pay back. If you only have $500 to attribute to paying back a credit card, only spend that much on the card and you will be fine.

7. Be Realistic

You can do what you want to do, but you cannot necessarily do everything that you want to do. Make some choices and be prepared to make some sacrifices because doing things and buying things is going to make a dent in your wallet, but some expenses can be easier on the wallet than others and provide just as much return on investment.

8. Plan Ahead for Emergencies

If you bust your entire budget this week on something you want to do, make sure to make up for it next week. If you constantly spend your entire budget frivolously, you can end up unprepared for emergencies like auto maintenance costs, course materials, health costs and so on.

Photo Credits: 1

Originally posted 2020-11-06 05:11:31. Republished by Old Post Promoter

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5 Tips for College Students on Budgets

Friday, May 1st, 2009

When you are in college, it can become easy to get caught up in your busy, stressful lifestyle. With all of the studying and working that you have to do, coupled with hanging out with your friends, working part time jobs and participating in extra activities, it can actually become extremely easy for you to forget about your finances. Unfortunately, your finances are a vital part of your life. Here are some proven tips for a college student’s budget.

Living on Ramen?

1 – Plan ahead.

You need to figure out where your cash flows are coming from by listing incomes from parents, student loans, jobs and other sources. Then you need to figure out what your monthly expenses are, including food, books, health and other activities and fees that you need to contend with. Make sure that you are making enough income to handle your expected expenses, and then allow for extra money to deal with emergencies. Once you have established a basic working budget you just need the discipline to keep to it.

2 – Save on your food.

When you were living with your parents, obviously eating was an expense you did not have to think much about. However, now that you are in college it is one area that you need to pay attention to. If you have a food allowance, use it to its fullest potential and avoid eating out because this will destroy your budget in no time. Whenever possible you should plan meals and pack your lunch.

3 – Take advantage of student discounts whenever possible.

Use your student ID and organization memberships to get discounts whenever you can. They may seem silly but they can really add up over time.

4 – Use cash whenever possible.

If you already have money on your student ID, use this first. Avoid using your credit cards or debit cards any time that you have cash. You should use plastic only in emergencies, because cash is easier to track and gives you a better idea of how much money you have. Most college students end up leaving school with higher credit card debt than before, and this can add up to years of paying off debt because of a couple of years of poor spending habits.

5 – Keep yourself as busy as possible.

Join clubs, groups and organizations in whatever field you are interested in, in order to keep yourself busy. Keeping yourself busy will help you to stay away from things that you would normally spend money on when board. You may find yourself surprised at how much money you can save over time simply by spending less on things that you do not need, and following your student budget instead. Sticking to your budget is easy when you keep your mind busy and yourself entertained.

Photo Credits: 1

Originally posted 2020-12-31 05:43:35. Republished by Old Post Promoter

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