8 Tips for College Student Budgets

#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

Related Articles
  • Teach Teens to Save Money

    Teach your teen about money.

    One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to……
  • 4 Tips for College Students Budgets

    Study and Save Money

    If you are a college student, then your primary focus is probably set on your studies and trying to maintain your education so that you will be benefited in the future. Unfortunately, one of the things that you may not be putting……
  • Stocks are a Great Investment

    Know your facts.

    Most people recognize that stocks are an excellent investment, but purchasing stocks can be a confusing process. This is especially true if you have little experience in investing, or no experience at all. You can turn the stock buying process into a good……
  • 7 Budgeting Examples

    Remember to budget for travel, holidays, birthdays, and more as you find necessary.

    When it comes to budgeting examples, one of the best things that you can do is to look at a successful budget and draw from it to establish your own. Everyone has a……
  • Loanio Roundup – Wall Street Crisis and the Resilient Dollar

    The Resilient Dollar

    Welcome to the second edition of the Loanio Roundup. This edition focuses heavily on the national economy and peer-to-peer lending news. We hope you enjoy pursuing through the links below. Leave a comment and tell us what you think – we’d love……
Related Sites
  • Credit limits If you have a credit card, you have a credit limit. The extent of that limit is based on your credit history and your relationship with the creditor. Generally speaking, credit card companies are happy to give high credit limits, because to them it means you will be likely to……
  • Business Week Reports: Fight Credit Card Pushers BusinessWeek is continuing its coverage of college students and the credit card companies hoping to get more customers on its rolls. Jessica Silver-Greenburg did a fantastic job with this series as it tries to be balanced and neither present students as victims nor completely at fault for the heavy pushing on……
  • Why Debit Cards Are Inferior to Credit Cards as a Payment Method Many banks have transitioned their customers from traditional bank-branded debit cards to new Vista and MasterCard check-cards which allow you to use them just as if they were a credit card, but instead of putting the money on a revolving credit line, they simply take the money out of your……
  • Credit Cards as a Money Tool Much of America has is in debt. Sometimes it’s good debt and other times it’s bad debt. I wrote about good debt vs. bad debt last week. Credit cards that you don’t pay off are an example of bad debt. Many of them charge upwards of 20% interest. For that……
  • Don’t Hate the Credit Card We’re headed to the airport today to head back home after our 2 week vacation. I’m going to postpone my normal weekend roundup (look for it on Tuesday). I just couldn’t resist another credit card article before Debt Free Revolution and I call a truce in our debate about credit cards. A comment in an……

Tags: , , , , , , , , , , , , , , , ,

Leave a Reply