Things You'll Need:
- pen and paper
- personal restraint
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Step 1
Track Your Spending - Write down everything you spend and review it at the end of the week. By tracking your weekly outflows you will soon see your spending trends. Do you really need to eat at McDonald's everyday? 4 cups of coffee at Starbucks...Really? If you are going to use any of these budgeting tips for students, this should be the one. You will be amazed at how much money you spend on everyday items.
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Step 2
Pace Your Spending - Did you receive a Stafford Loan to help pay for your expenses? Remember that you only get that once per semester. Give yourself a limit each week to ensure you have money at the end of the semester. Believe me, eating noodles every day for a month will truly be a miserable experience.
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Step 3
Join Reality - Determine what you need and what you merely want. This is the hardest lesson to learn, but once you graduate from school you will have to pay your debt back. Why work so hard to get a good job only to spend 25% of your take home after starting your new job on debt you incurred 4 years ago?
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Step 4
Look Past Friday Night - Next week is coming whether or not you have money. Plan out what you know is coming at the beginning of the semester and you will not have to miss the big game (since you blew all your money on pizza and beer). Try setting aside $25 each week for unforeseen things. You will be glad you did.
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Step 5
Think Before You Charge It - Use your credit card for emergencies only. If you get into the habit of using your credit card every time you buy something, you will find that it is harder and harder to stop spending. Using these budgeting tips for students should not be difficult in you take the time and plan your semester.
