When it comes to budgeting and saving money, it can be a very hard task, especially if you’re a college student.
Have you ever been in a situation where you cashed your paycheck and before you even know it, you spent all of your money on things you wanted instead of things you actually need?
Well I know its happened to me numerous times until I came across some helpful tips on how to budget and save my money. These are some great tips that I hope help you as much as they have helped me.
1. Income
Before you can even start to think about budgeting and saving your money, you first have to have a steady income. Whether it be a part-time job, allowance that you get from your parents, or even a side hustle, “A LEGAL SIDE HUSTLE”. Once you know that you have money coming in, you can move on to the next step.
2. Track Your Expenses:
It is very important that when you first get your check that you deal with all the important expenses first. You should definitely write out what expenses are most important.
These are some examples that can be considered as important expenses. These things should be taken care of first once you get your check.
Important Expenses:
Tuition
Phone Bill
Hygiene Products
Car Insurance
Food Shopping
3. Save, Save, Save!
Now that you’ve got all of your important expenses out of the way, you can decide out of the money you have left, how much you want to put towards saving. Now this may be the hard part for some of us.
Knowing that we have money in our account that is just sitting there can be very tempting to spend. That’s why when it come to saving, you should have a goal in mind of what you want to save up for, so it can make the idea of saving easier for you.
Maybe you might want to save up for some new Jordan sneakers, or maybe you want to save up to buy a car. Whatever your goal is, try to reach it, don’t give up just because you saw something that caught your eye and you feel that you have to have it now; no ifs, ands or buts. Just remind yourself that it’s not something you need, it’s something you want and if you get it now, you won’t be able to get those Jordan sneaker or car that you’ve been saving up for.
4. Spend Wisely
Okay, now that you’ve put some saving money away, you may be left with a little bit of money. If you are, then this will be your spending money. This money can be used for whatever you want. But don’t go crazy and spend all of your spending money at once because you'll need it to last you until your next pay day.
