Budgeting Tips for College Freshmen- Tips for Budgeting Money In College
Setting and sticking to a monthly budget gives you peace of mind. With a budget in place, you can manage your money more effectively, save for large expenses and prepare for emergencies. Budgeting tips are extremely helpful when you get to this point in your life. Being out on your own and needing to manage your own ‘money’ can prove challenging at some point.
Below Are the top tips on how to live on a budget in college
1.Differentiate Between Needs And Wants
You must learn to balance between needs and wants. Your needs should always come first and your wants second. You need to live within your means, so if your wants exceed your needs then you must either get a job or sacrifice those wants. It is a tough thing but you can do it since it will be only for a little while.
2.Buy Used Textbooks
Before buying you buy a brand new book, always check for a used one. There are some incredible online sites like Amazon and eBay. If you do not get lucky there then you can browse through your campus and you might get what you are looking for.
3.Get Your School Supplies In Bulk
One of the best tips for college student budgeting tips is to shop for school supplies in bulk. You can either buy them by yourself or take along a friend and split the costs and supplies, you will save money either way.
4.Shop At Thrift Stores
Some people fidget at this idea but it is very practical. You can get some amazing deals on name-brand stuff in great condition at your local thrift stores. If you need new clothes some new clothes next semester, try that thought.
5.Sell Unwanted Items
If you have a Facebook page, you should check to see if you have a local ‘garage sale’ page for your area. People list things they have for sale or want to buy and then you can meet up. This is a great idea to get rid of old clothes, textbooks or other items and brings in a little extra spending money. Always meet in a public place and you can take a friend when possible just to be safe.
6.Create A Grocery Menu
Creating and sticking to a grocery budget is always a tough thing to do especially once you get to the store and see all your favorite foods staring at you in the face. The best thing you can do is only take enough money you want to spend and ask yourself if you are getting anything that you do not really need. Buy store brands if possible and buy things that are on sale. Using coupons is a great way to save.
7.Split Costs With Friends
This is an age-old concept but it works perfectly. For college students who want to go and have fun, or get away for the weekend, why not combine your money and split the costs. You can do fun activities with little expenses. This works for any kind of activity, whether large or small. The more the merrier.
8.Set Aside Emergency Funds
Try to set aside a bit of money each month for those emergency funds. You never know when you will need extra school supplies, another tank of gas or even a midnight snack run. It helps to have a cushion to sit on in times of need, what if you were to get a flat tire tomorrow. Having emergency funds helps out in such areas.
9.Pay With Cash
Always pay for whatever you buy with cash. On paydays, withdraw however much cash you plan to spend that week and avoid using your debit card. It is harder to watch cash go than it is to swipe a card, so you will think twice before making unnecessary purchases.
10.Avoid Getting A Credit Card
Most college students get credit cards and jump into debt right away. This is a risky business since it gives you an extra bill each month and most young people view a credit card as ‘free money.’ This is not true since you pay for expenses put onto a credit card and usually with interest. Avoid getting a credit card if it is possible.
Apps For Setting A College Student Budget
A good budgeting app can help college students track their finances and help them find areas where they can cut back. Below are some budgeting apps that stand out from the crowd and explain how they can help keep a college student’s budget in order. Below are the top budgeting apps for students.
I.Mint (iOS, Android)
- How It Stands Out: One word - Automation. Mint securely connects to your bank account and automatically inputs purchases. It also performs handy little tricks like separating the $2.50 from a $102.50 ATM withdrawal into a fees category, which serves as a nice reminder to try to keep those fees down.
- Why It Is Good For College Students: You spend less time entering every purchase, which is one of the hardest parts of keeping a budget. Mint allows college students to focus on what categories their budget breaks down into and areas they can cut back on.
II.Toshl Finance (iOS, Android)
- How It Stands Out: Toshl Finance has a simple, good looking interface that is very easy to pick up on. That simplicity makes setting up a monthly budget for college students a breeze. All you need is to input your income and your expenses with reusable tags to get a clear picture of where your money goes.
- Why It Is Good For College Students: Toshl’s budgeting section allows you to set a hard line, for example $250 per month for groceries, that will give you a nice visualization of how close you are going over budget. Sometimes seeing your last $20 as a tiny red silver of a progress bar helps put you in the mindset not to overspend.
III.Left To Spend (iOS)
- How It Stand Out: Left to Spend keeps it simple. You set a spending allowance and then subtract from there. It is just a straightforward budget tracking. If you have ever tried the $20 in an envelope everyday budgeting method, this is essentially the digital equivalent.
- Why It Is Good For College Students: Left to spend prevents users from getting caught up in budget details. Sometimes the time spent analyzing graphs, comparing clothing and dining expenses would better spent on things like studying.
IV.Check (iOS, Android)
- How It Stands Out: Check, like Mint, works as a comprehensive budgeting app for college students. The app can connect to all of your financial accounts. In addition, it features the ability to set up bill payment reminders and notices if you are close to over drafting an account.
- Why It Is Good For College Students: Most college students have never had the pleasure of paying monthly bills and consequently they are a bit more likely to forget to pay. The reminders provided by this app are a lifesaver for those who are not used to the monthly routine of paying bills.
V.Debt Payoff Planner (Android)
- How It Stands Out: Debt Payoff Planner allows you to find the most effective way to pay back debt, whether it is student loans or your balance on the emergency credit card. Users can prioritize debt by categories such as highest to lowest balance or highest to lowest interest rate. In addition, it allows users to see the projected debt payoff date based on payment amounts.
- Why It Is Good For College Students: students looking forward to pay off credit card debts or loans get a clear picture of what they need to do and efficiently pay their debts. If you have ever wondered which loan would be best to pay off first but do not want to do the math then this is the app for you.
Other Top Budgeting Tips
- Manage Your Student Loans – Bring about $500 with you for expenses before loan disbursements arrive.
- Manage Your Scholarship And Grants – Keep your grades up to keep your scholarship and monitor your bank accounts to keep track of your grant money.
- Balance Your Checkbook – Know exactly how much you have on hand. Some software programs will even do it for you.
- Keep An Emergency Fund – Have money in a savings account for emergencies.
Conclusion
Remember to live below your means and apply regular common sense when budgeting. Walk to class or work when possible to save gas or pass up an opportunity to shop when low on cash. Such tips help college students to get by on a budget.
In addition, keeping track of your spending is half of the battle, the other half involves spending wisely. No amount of tracking will help you if you cannot resist consistently going over your budget