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Successful Budgeting for Students
by Sandy Shields
Managing a budget is not as hard as it sounds. Making the initial
commitment to live according to your budget is the hardest part. If
you have done that, you are well on your way to wise spending and
saving.
What is a budget? It is simply a written plan for spending your money.
You will spend your money; a budget just helps you to spend it wisely.
Managing your budget
Step One
Prepare a budget worksheet. You can make one yourself, or use a pre-made
form. To make your own, just write down your income in one column
and your expenses in another column, then compare the two.
If you would like to use a pre-made budget form, there are many already
set up online.
Here are a few links to worksheets that you can print out and use:
Family
Money Magazine's Semester Budget Worksheet
Sample
Budget
Budget Worksheet from Utah
Higher Education Assistance Authority
My
College Budget
College
Budget Worksheet
Here is a great interactive worksheet provided by Visa:
Why
Do I Never Have Enough Money?
You will learn a great deal about your financial situation by taking
this first step. If you are like most people, you will find that your
income is less than your expenses. You are now informed about it though,
and can take the necessary action to change your situation.
Step Two
Start tracking your incidental expenses. You know where the bulk of
your money is going, but what about all those little extras? This
is a very important step if you are serious about finding ways to
stretch your money. Find a small notebook, and jot down all money
spent each day on meals, snacks, gas, impulse purchases, and entertainment.
After you have done this for a few days, you will start noticing how
the small things really add up, and where you can start cutting back.
Step Three
Learn all you can about budgeting, spending, and saving your money.
The library offers many free resources to help you with this. Talk
to your friends, parents, and teachers about what they have learned
about budgeting and saving their money.
Step Four
Take advantage of student discounts, and free offers.
Here are some helpful student web sites online to help you save:
Student Advantage
Student
Market
EDU.com
Stubex.com
1800Student.com
MushroomBooks.com
Step Five
Live a frugal lifestyle.
Shop Smart and Spend Less.
Try these frugal living suggestions:
- Define your wants verses your needs. Concentrate on spending money only on your needs.
- Don't drink, smoke, or do drugs. They are bad for you, addictive,
and cost money. You don't need them.
- If at all possible, keep a savings account. Pay yourself first.
- Use everything to its full potential. Don't waste anything.
- Recycle and reuse study materials such as pencils, pens, and paper.
- Don't spend money around the plans you make. Make plans around the
money you have after all your responsibilities are met.
- Don't be tempted by your friends' spending habits.
- Make the most of the college's meal plan, and any college events
where there is free food.
- Use your tuition money wisely. Always take the maximum number of
credits allowed.
- Get an on-campus job.
- Make things yourself instead of buying them whenever possible.
- Shop smart when buying groceries and household items. Use coupons.
Shop the sales. Stock up on discounted non-perishable items. Foods like milk, butter, and cheese can be frozen. Don't buy soft drinks, unless they are on sale, or store brand. Drink water. Do not spend money on snack machines.
- Shop smart when buying clothes. Do not pay retail prices. Shop thrift
stores, consignment shops, yard sales, clearance racks, and buy during off seasons. Don't buy any item that requires dry cleaning. Consider
consigning your own clothes to earn some money.
- Email or write instead of calling home.
These are just a few ideas that you can use to start living a more frugal life, and to successfully manage your budget. Learning how
to manage your budget in college will help you immensely. The decisions you make early on will effect you later in life. Use your time and
money wisely.
Sandy is a freelance writer and webmaster of TheFrugalShopper.com.
She enjoys living the frugal life, saving money, and helping others
to do the same. Subscribe to her newsletter to receive more money-saving
ideas and frugal tips. Reprint permission granted with this footer
included.
Copyright © TheFrugalShopper.com
2001.
Categories
See Also:
Colleges Web - College, university and course information resource for students.Freeality Colleges & University Search - Search a wide range of college, university, and education sites for information, locations, admissions, applications and financial aid and scholarships. International Association of Universities (IAU) - IAU members are individual universities and major regional and national university organisations (approximately 150 different countries). Society for Research into Higher Education (SRHE) - Aims to improve the quality of higher education through the encouragement of debate and publication on issues of policy, on the organisation and management of higher education institutions, and on the curriculum. College and University Home Pages - College and University Home Pages - Alphabetical Listing College and University Research and Reference Page - Extensive research and reference page. College Education & Career Guide - A comprehensive site from the National Center for College Selection (NCCS). Includes information on scholarships, student loans, rankings, financing, and self-tests to help with college selection. Association of Franciscan Colleges and Universities - Represents 18 member institutions which offer higher education in the Franciscan spiritual and intellectual tradition at the undergraduate and graduate (masters and doctoral degrees) level. TheCenter - University of Florida - TheCenter's primary effort focuses on the issues of measuring university performance and rankings of top public universities. International Association for Management Education (AACSB) - Accrediting agency for bachelors, masters and doctoral degree programs in business administration and accounting. Postsecondary Education Opportunity - Policy research on opportunity for postsecondary education and training. Colleges, Schools and Universities Listings - Alphabetical listing of community, graduate, management, law, dental and medical schools, colleges and universities around the globe. Braintrack University Index - Index to institutions of higher education throughout the world.
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