Some take out loans, some have scholarships, and some are fortunate enough to have parents who will get them through college, but in a majority of cases, most of us are broke. Most college students hate the word "budget" because it involves being an adult. But, on the other hand, being able to budget in college will set you up for the future. Here are some good ways to keep track of your finances while being a college student.
#1 Know your Streams of income.
As a college student, you do a lot of odd jobs, work part-time, or get an allowance from your parents. Know how much on average you are bringing in and use that as a baseline to budget every month.
#2 Set up a budget via spreadsheets, apps, or even on paper.
Always budget necessary expenses first, such as gas, food, bills, and any other necessary expenses. Whatever is left over should either go to savings, fun or towards something that will benefit you in the future or even someone else - you never know.
#3 Open up a credit card.
Yes, I do recommend getting a credit card. From my viewpoint, college is a time to grow, learn, and explore, but also building your credit will pay off when you get your first apartment, buy a car, or apply for any loan. One of the best cards I have heard about through the grapevine is the Discover Student Card; you get cash back, and a low-interest rate. On a side note: use a credit card for when you absolutely have to, or charge your monthly expenses onto the card and pay it off at the end of the month to maximize your rewards.
#4 Savings is important.
Some say that they can't save because they are broke. In my opinion, that is a false statement, because anyone can get a jar, savings account, or hide their spare cash somewhere and let it accumulate. Savings is primarily important for emergencies, travel, and overall fun down the road. Even saving a few bucks a week will add up quickly.
#5 Balance is key.
Balance your budget to the best of your ability, so track where your money is going. The goal at the end of each budget cycle (usually a month for me) you should break even or have some left over.
