“Doing a budget helps you get off the treadmill of living from one pay packet or payment to the next. It enables you to sort out your money priorities and find the right balance between spending and saving. A budget lets you pay off a credit card or loan, plan better for when your big bills are due, and save up for a holiday or big purchase. Finishing college successfully with as little debt as possible. These tips, coupled with the discipline to stick with them, can make that much easier. So spend wisely, and good luck in the coming school year.”
Like most college students, the amount of money you have available is probably limited. Between financial aid, some savings and perhaps a part-time job, you may have just enough to last the school year. So what can you do to give yourself the best chance of making it through without accumulating more debt?
Here are seven tips for living on a budget while you’re in college:
1. Budget your money. First, assess how much you’re going to have available for the school year (you can also budget by semester or quarter if you like). This includes the amount you’re starting with from savings and financial aid, as well as the amount you’ll bring in each week through work study, a part-time job or other means. Then divide the total by the number of weeks in the term, and that gives you a good idea of how much money you can spend each week.
Remember that not every week will be exactly the same. One week you may be busy studying and spend less than the allotted amount. Another week you may have more time for entertainment and end up spending a little extra. That’s okay as long as it averages out correctly over the course of the term.