As a college student, you learn to budget for a fixed income. You learn to allocate money for the basic necessities -- food, rent, utilities, gas, etc.
Budgeting can be difficult, but throughout my three years, I have learned some tips and tricks along the way to make budgeting easier. Here are four tips to make budgeting on your fixed college income a whole lot easier.
1. Sit Down And Determine What You'll Need For The Week/Month.
My planner is a necessity in my busy life. It keeps track of when assignments are due, what meetings I have going, when I have to work, and so forth. My life is essentially in that little book.
I also use my planner to budget for the week. Some people will budget weekly, bi-weekly, or even monthly.
I'll write down my bank account balance at the very top, which will then give me a rough estimate of how much I can dip into that. I then add in any expected paychecks or reimbursements that will accrue during the week or bi-week period.
I will then write down and tabulate what I need to pay. I live on campus, so I don't have to worry about rent, but this would be the place where you would portion out money for rent and utilities.
Underneath, I'll write gas and any other car expenses. I commute an hour and a half one way for my job, so budgeting for gas is crucial for me. This can also include oil changes, tire rotations, etc.
Underneath that, I'll portion out a certain amount of money for groceries, if I so happen to need them this week.
Finally, I'll portion out money for any unexpected expenditures, such as emergencies.
After looking at what I have to pay for, I can then determine how much leeway I have for a fun activity throughout that week.
2. Buy Generic & In Bulk.
I'll be honest, some generic brand food is really low-quality and gross. But a majority of the time, they're pretty comparable to the name brand groceries.
Buying store brand can help you cut corners when spending for groceries, and in turn, that money saved can be used for other costs.
Additionally, investing in a membership for places like Sam's Club or Costco can be super efficient as well.
Buying cleaning products, toilet paper, paper towels, and much more can really add up, but buying these in bulk will help offset spending in your weekly budget, and you won't have to shop as frequently for these items.
3. Make Your Own Coffee/Tea.
On average, Americans will spend $1,100 a year on coffee and tea. I love the fun drinks at Starbucks and Biggby, but those fun drinks really add up.
If you're a Starbucks aficionado, buy their ground coffee and brew it at home. Sam's Club and Costco also sell bulk generic coffee that is equally as good.
If you buy the flavor pumps from Starbucks and can, in turn, make drinks at home. You'll then cut a fraction of what you spend on coffee within a year.
4. Look At What You're Spending Money On & Coupon.
My roommate taught me a great trick for when you're shopping. Always look at the cost per ounce for what you're looking to buy to see if it is truly a bargain.
That way, you can truly determine if you're getting your money's worth for what you're buying. Additionally, coupons can go a long way.
I know that some people take couponing to a whole other level, but you don't have to be an extreme couponer in order to take advantage of the savings. Use manufacturer and store brand coupons simultaneously in order to save money.
Plan in advance the bare necessities you need grocery wise and then scroll through online catalogs and look catalogs in newspapers to see where you can save.