The majority of former college attendees will probably confirm that budgeting and student life often go together, although how successful you are in keeping your spending under control during your college days, can vary greatly between different people.
Your finances can often come under pressure at various times in your life, and when you are part of the college crowd, there is a fair chance that your thoughts will be more tuned to enjoying a good social life rather than balancing the books, but learning some cash control tips will help you to make the most of your money.
Budget rules to work with
There may come a point in your life where you need to call upon the services of someone like the personal injury lawyers in Indianapolis, Craig, Kelley & Faultless LLC, to get you some compensation, but in the meantime, learning how to work with what you have got will be a good life skill to use in college.
One of the most important things to do when it comes to budgeting, is make a clear distinction between what you need to spend your money on and what you want to spend your money on. There is a big difference between the two of course, so differentiate between the two, and once you have catered for your needs, you can then spend any money left over on some of those wants.
Aim to be as realistic as possible about your budget. If you have not had the experience of putting a budget together before, it is understandable that you will make a few mistakes and miscalculations along the way.
The general rule that works, is that the more realistic and accurate you can be about the numbers, the more likely it is that you will be able to balance your budget and make it work.
Keep a record
It is not as difficult or time-consuming as it might sound, to create a simple budget and then keep all the figures up to date so that you can see if you are staying on track with your money.
Using a spreadsheet or an app that you can download on your phone for instance, will make it easy to input every amount you spend and see exactly where your cash is going. It is often quite illuminating to see just how much all those coffee’s, pizza and trips to the movies add up to.
Once you get into the habit of keeping accurate records and noting down everything you spend, you will soon be able to spot where you are overspending and work out a plan as to what you need to cut back on in order to make your money stretch as far as possible.
Watch out for credit cards
Credit cards can soon get you into financial trouble if you are not disciplined in the way that you use them.
Think carefully about getting a credit card in the first place while you are at college. If you do get one, don’t spend more on the card than you can afford to pay back on a monthly basis.
Keeping control of your cash at college can be a real challenge, but by using a few proven budgeting tips and strategies, you should be able to enjoy college life without getting into deep financial waters.
Danielle Parry has recently sent her eldest son off to college, and wow what a learning curve! She shares her thoughts and tips with other parents online in her articles.