College Student Budget: The Answer to your Money Problem

January 1, 2009 § Leave a comment

Entering college life can be associated to excitement and fun. In this stage of life, people study how to be more independent. We could say “independent” in terms of thinking, making decision and budgeting. I know these three are so hard to do especially when you’re used to the experience that somebody’s always doing things for you. But you will need to learn this because people won’t help you at all times. Now if you think that budgeting is the hardest among three, I think what you need to know for now is information or tips about college student budget.

College student budget can be a tad hard for the beginners. However, obeying the following tips can minimize that difficulty.

Add and Subtract

What should you do first if you really want to do your college student budget? Know first how much your budget is. You won’t be able to manage your money if you don’t know how much it is.

There are money management programs that you can use for college student budget. Or if you don’t have one, a spreadsheet will suffice.

Ask this to yourself: “How much is the average money I receive every month?” You can know this by adding the money you receive from your parents and student loan. If you have a job, add this one too.

Once you’ve got the total of your monthly income, subtract your expenses. You might have so many expenses and chances are, you’ll get a negative difference. In order to avoid this and attain the real “college student budget”, subtract first the amounts of things that you really need such as food, boarding expense (if you’re just renting), electricity and water bill (if it’s not yet included in the boarding payment), tuition, books, other school materials, personal necessity things.

Be Prepared

We also know that there are always things that happen even if we don’t plan them, and the worse thing in this is it requires money. So to be able to be prepared for these, save money. List down first these events like the interminable increasing of oil price, food, and events that you should also look forward to like Christmas. On Christmas Day, it’s typical that you give gifts to your love ones. Save some money for it so that looking for additional money won’t be a problem for you in December. It’s always good to be prepared for any occasion than to be surprised on the day. This just leaves you in mountainous debts if tolerated.

If you can’t do your college student budget perfectly on your first try, don’t stop doing it. There are really tons of things that are hard to do. All you need to have is a little patience and control to yourself and once you’ve mastered this, I’m pretty sure your college student budget would lead you to a successful financial life.

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