How to Budget as a College Student
How to budget as a college student is one of the largest issues facing college students today. Most college students do not know how to budget properly their money to ensure everything is paid, and they do not run out of funds prematurely.
Start off by writing down every expense that you have, a few examples of general expenses that you should include into your budget are:
- Lab fees
- Transportation Costs
- Misc Other.
- The next step that you will want is to divide your total funds up over the semester to ensure you do not run out of fund too soon. Do this after purchasing everything you will need that is included within your budget.
Make sure to record all expenses you make, and maintain an accurate reconciled bank account. Make sure to reconcile your bank account at least once a week, this will ensure you stay on top of any charges that could have potentially been charged without your knowledge. It also will allow you to know on a consistent basis what your accurate account balance is.
- Most important is to make sure you follow your budget to the letter. Do not cut from expenses thinking you will make it up later. This is a huge mistake many college students make. They quickly learn that replacing money as a college student is not an easy task.
Creating your budget as a college student is not that difficult. Most colleges also have departments that will assist you in creating a budget that will include nearly every expense that you are likely to incur while in college. The simple instructions listed above will aid you as guidelines, however if you have any questions you can consult your financial counselor. They can aid you in teaching you how to create a budget as a college student.