Budgeting during college

Budgeting during college

College seems exciting and even a little daunting when you are making the transition from high school to college. Chances are this will be the first time you will have to make decisions for yourself without relying heavily on your parents. This feeling is liberating and at the same time terrifying. The lesson that you alone are responsible for your successes and failures needs to take root in this phase of your life. Life teaches you the most important lessons to survive and flourish. You only need to have an open mind to interpret these lessons. Managing your finances, sticking to a budget, working at a job for extra income may just seem a way to get through college at first. However, these are the foundation stones of how well you can manage your finances in your life ahead.

Some students resent that they have to budget at all and retaliate by going overboard with their expenses. This is not only a negative attitude but also detrimental to your finances unless you discover a treasure somewhere! The best attitude is to view it as a learning process and try outsmarting your expenses. You will have fun doing this while also adding to your savings account! Be realistic while planning a budget. If you are used to spending on mocha everyday, you will not be able to cut it down to one cup in a month immediately. Your budget will work much better if you cut down your expenses gradually.

Below are some ways to help you stick to your budget and lower your college expenses:

  • A huge amount of money is spent on books during college. To lower this expense buy used books online.
  • Its accepted that you absolutely need your coffee to get through the long hours of studying. However, you might start spending less on it if you brewed it on your own instead of going to a coffee house.
  • Its ok to give yourself a treat occasionally but try not to go overboard. Try to make it a celebratory occasion for tasks well done, achievements accomplished to give you a treat. This makes the treat all the more special and satisfying.
  • Avoid eating out too much. Eating out regularly can chip away your finances within no time. Prepare meals by yourself instead.
  • Take a bus or use a bike for transport and avoid paying for gas, which turns out expensive for a student trying to manage his studies and pay off the education loans.
  • Instead of spending money on music concerts and movies, take a hike or explore the parks nearby by your area for entertainment. While requiring no expense this is also a great way to stay in shape and return rejuvenated to your studies.

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