Ways to Not Be Broke in College
As a college student you’re going to want to ideally be free of debt completely. Now this is obviously quite an ambitious task: to be debt-free, but it’ll be much more possible if you use the rule of budgeting.
Many college students see budgets similarly to taxes: something to be avoided! Well, you need to take advantage of the budgeting technique if you want to make the most out your college and future life.
Be Realistic With Your College Budget
If you’ve never had a budget system before, don’t bother setting unrealistic budgets as you’ll only be setting yourself up for failure. Build it up gradually and slowly, or you will fail. For e.g. if you spend 1000 dollars a month and suddenly budget your total down to 500 dollars, you’ll most likely find it extremely hard and most likely fail. Cut expenditure out gradually.
Stay Motivated With Your Budget
Make sure you know the real reason behind why you’re budgeting so you have some motivation. If you’re budgeting just because your friend or this article in fact told you to because it’s a good idea, you will most likely not succeed. You need to have a goal or a reason, for e.g. to pay off your debts more effectively. This way, you’ll stay on target.
Remember, saving one penny a month is better than nothing, so don’t be ashamed that you didn’t get to save a lot one month. You need to enjoy yourself too. Do try to keep to your targets though.
Include Everything in Your Budget
Don’t cut out your luxuries either. Budget everything – including your spending money. This way you’ll know exactly how much money you have to use to spoil yourself, so you won’t go overboard unnecessarily.
Target the cheaper and smaller commodities that you get on an everyday basis. If you eat out or a snack every so often, you’ll be spending a couple of dollars regularly. If you cut all of these snacks out for example, for one, you’ll get healthier and two, you’ll be saving a lot of money. A two-dollar snack everyday is costing you 60 dollars a month. Eat at scheduled meal times and buy your food when you do your groceries to save money.
Budgeting isn’t easy to begin with, but after a while you’ll grow to love it, as you’ll be saving a lot of money. It really is worth thinking about!