![]() You now have the power to do something to improve it, whether that’s shifting your spending or finding a way to make more money. Even if money’s tight, you have a clear picture of your money situation. You can see how much money’s coming in and where it’s going instead of trying to juggle it in your head. Money is a big stressor among college students-there’s no doubt about it-but getting things onto paper can make you feel a little more at ease because it eliminates uncertainty. It’s less painful to swipe a piece of plastic than it is to hand over cash.Ī budget holds you accountable, reducing the chance of going on spending sprees you can’t afford. Without prior experience, it’s easy to develop bad habits.Īs we talked about earlier, one of those is using credit cards the wrong way. Keeps you from adopting bad habitsĬollege is the first time in many peoples’ lives where they’re largely responsible for managing their own money. Of course, budgets help you save up money because you can see what you have left after expenses.Īnd speaking of expenses, you can cut those-as we mentioned earlier-and save even more money. Retirement-yes, even if it’s decades awayĪnd even if you aren’t sure what some of those goals are, just setting money aside will put you ahead of the game when you do figure out what you want. The earlier you start saving, the faster you’ll reach financial goals, such as: Whittle away those expenses you don’t need, and you’ll have extra money to spend on things you truly want. Or perhaps you have an unused Netflix subscription. For example, you could try and eat out less! From there, you might discover at least a few expenses you can cut out right away.įor example, students spend an average of $547/month on food-yet it’s possible to cut that by a large amount without going hungry. You can see exactly where every dollar is going. But then you look at that card statement or your bank account and realize those small-dollar purchases add up fast.Ī budget lays out all your expenses in front of you. It’s easy to spend a little bit of money here and there on things you don’t really need or value-especially if you’re putting it on a credit card. Here are a few reasons you should consider making a student budget as soon as possible: Helps you find expenses to cut It’s also a plan-it helps you decide where money should be going. Here’s why you need a student budget ASAPĪ student budget is a map of where your money goes each month. You’ve already got enough to deal with-a student budget gives you a clear picture of your money to reduce your money stress and minimize debt. ![]() Without a budget, it’s pretty tough to juggle these all stress-free. Then, you have groceries, transportation, dues for any clubs you’re in, and a little bit of fun money, too. You spend around $10,000 a year just for room and board. Budgeting sounds like something you don’t have to worry about until you have a steady paycheck, but college students arguably need them more.Īfter all, students spend plenty on tuition, fees, and supplies-and many use student loans to do so.īut you also have daily living expenses to handle.
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