It might be tempting to indulge yourself and rely on your parents and others as a financial safety net. However, there comes a time where you must have self-control, and if you can learn to manage your money at this stage in life, your chances of living a more stable financial life are pretty good. Follow the spending plan tips for college students to manage money better.
Keep Track of Your Spending
There are many ways to keep track of your spending as a college student. The simplest is to record every expense in a daily log. You could also keep all your receipts and record your expenses daily or weekly.
It’s easy for the best of us to lose track of how much we have spent over a period.
Using your phone notes application, or another app is also great way to track your expenses quickly and easily. Visually seeing your expenses is a great method to keep your spending in bounds. It does not matter which method you use. If the first one does not work, try another until you find something that you can use and that works for you.
Create a Spending Plan
A spending plan is a plan for meeting expenses and things that you want to do for a specific period. As a college student, having a weekly spending plan is a simple and effective way of managing your money. Additionally, as you plan to do other things, such as school breaks, and other events, create spending plans for them also.
Overspending is something that we all can relate to.
Creating spending plans for yourself will give you peace of mind about your money. Being mindful of your spending plan will also help you keep from impulse buying unnecessary items and instead on things you need.
Once you have your spending plan, stick to it. Keep your spending plan in front of you, where you can see it often. Keep it on your cell phone, a bathroom mirror, or your car dashboard, somewhere where you will regularly see it. And set reminders on your phone to prompt you to check how you are tracking against your spending plan.
As a College Student, Spend Smart
It’s okay to spend your money as money is only good for three things: spending, saving, and giving. It’s yours, you worked hard for it, and it’s okay to spend it.
I just want you to spend smart and spend with a plan in mind.
With all the exciting activities that come with being a college student, there is the temptation to splurge on everything from event tickets to new clothes and shoes. It’s important to keep your spending plan in mind.
Figure out what your priorities are. If you have bills and rent to pay, maybe that thing that you think you need you don’t. Ask yourself if what you’re about to buy is something that will contribute to your everyday well-being, and act accordingly.
Spending Smart on Food
Use coupons. Coupons might not sound cool, but paying full price is fiscally not cool either. Coupons are available for just about everything if you search hard enough. Saving an extra 10 or 15 percent could mean the difference between a meal out with your friends and eating ramen alone.
According to the Washington Post, the average person in the U.S. wastes about a pound of food per day. Therefore, it’s important to stick to your spending plan and food items that have a longer shelf life. For a college student, wasting food is a spending plan buster, and buying groceries can be a big chunk of your spending plan.
Prepare for the Unexpected Expense
Prepare for unexpected expenses by building up an emergency fund for them. Perhaps you build a 5 or 10 percent cushion into your spending plan to take care of unexpected expenses such as a car repair. This cushion could help you reduce your money-related stress and help you stay focused on your classes.
Don’t let the excitement take you off your savings game. Try to put a small amount away a week to kick-start your savings.
Although you may not make or have a lot of money in college, you will likely want to experience what college life offers. These spending plan tips for college students can help you manage your money in college and enjoy the experience.