How to Create Your First College Budget

October 3, 2017

Being an adult is harder than you thought when you were a kid. It seems that all your future is one string of duties and responsibilities. How does one pay taxes? Takes out loans? Budgets? Well, the last question is what we will focus on today. This way, no unexpected payments or empty accounts will ever faze you.

Set several financial goals

Saving money just for the sake of having it never really works. You just don’t have the necessary spur. On the other hand, if you have the exact goal, you will concentrate your efforts easier. What is you dream purchase? Try to make a list to find out. Write down everything you’d like to spend money on and then give each item a number. Just remember that you number one saving priority should be an emergency fund. You never know what might happen and having thousand dollars saved up for a black day is exactly what will give you the feeling of security.

College budget middle

Understand what you expenses and income are

Finding out what your income might be is easy. Just look at your bank receipts. Some people have a stable money flow, while others work from gig to gig. Both ways are good enough, you just have to know the true situation and consider it properly. Not how much you spend, because that information is stored in your receipts, but what do you spend on. You can easily calculate that if you keep the list of all expenses during a month. You rent and all the utilities should also be included.

Survey the damage

After completing the first two steps, it’s time to assess your situation. Some people may find out that they spend more than they earn. Don’t panic if that is the case. This is why you are budgeting. All you need to do is to find out which expenses are unnecessary and make a couple of cuts. Some expenses are no-negotiable, but you can try to reduce others. Just remember not to put too much pressure on yourself. Otherwise, you won’t be able to adhere to the new budget for too long.

Stick to it

Living according to a budget is not easy at first. It is a habit that needs developing. You can get a friend to try it with you or join one of online groups. And don’t give up if you fail at first. Find out your mistakes, reconsider and move forward! Instead, review what went wrong and make an improvement for the next month!

Budgeting is not the most fun activity, but it can bring you financial security and confidence. Try these tips and see the changes!

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