Our Two Cents

When you become a college student, you take your first steps into adult life. As freeing as this is, it also comes with a load of new challenges, like budgeting.

For instance, many students are learning for the first time how to be careful with their money. And far too many students run into financial trouble because they learn this lesson too slowly.

We want to make sure this doesn't happen to you. So, to help you out, we offer this list of budgeting tips written specifically for students like you. Find out how to plan your spending, build up savings, and more.

1. Create Your Budget

First, there are a lot of different budgeting systems to choose from. You can research common budgeting plans to decide which one works best for you.

The most important part of any system, though, is to write down all your monthly expenses. This includes food, utilities, etc. Then, write down the monthly cost of each listed item.

Lastly, make sure you plan to have money set aside for these bills when they are due.

2. Put 10% in Savings

When you get your paycheck, put 10% into a savings account right away. This is your emergency fund.

Sometimes, you must pay unexpected expenses that aren't on your list. This emergency fund lets you pay for these without derailing your budget.

3. Record Your Expenses

Keep track of your expenses in each listed category so that you don't break your budget. Stick to this budget as you spend. 

4. Eat Cheap

Certain categories of your budget can be reduced, especially your food bill. For example, stop eating out, buy cheap, generic groceries, and eat inexpensive foods like potatoes.

You can also cut from other categories, like your electricity bill or cable subscription.

5. Put More in Savings

If you end up spending less than you budgeted, that's great! Put the extra into savings as well. You might need it later.

6. Gently Build Credit

It is a horrible idea to rack up a bunch of credit card debt. But it's also not good to have no credit history at all. If you eventually need a loan, it will be hard to get one if you have no credit.

To build credit carefully, try putting a somewhat large, necessary expense on layaway or your credit card account. Then, pay it off in installments over a few months.

7. Look for the Best Deals

Pay attention to price tags wherever you shop. Try several stores until you know which ones have the best prices. Always shop where you get the best deals.

8. Don't Go Over Budget

Don't pay more than your budget or borrow from savings. If an expense is over budget (other than a bill), don't buy it.

9. Look for Student Discount Programs

Many institutions in your college town offer student discount programs. Look for these and take advantage of as many as you can.

10. Get Help Paying Off Debt

Lastly, if debt is keeping you stuck, find a way out. Look into debt consolidation loans and specific budgeting plans to help you get free from debt.

Balance Your Student Budget with These Budgeting Tips

Student life is hard enough without falling into financial trouble. Don't let that happen to you.

Keep these budgeting tips bookmarked for reference. And use them to create a budget and stick to it.

For more financial advice, check out other helpful guides on our blog. Or, if you have any questions or want to open an account, please contact us here.