Making a college budget

Want more money for pizza and going out? You need a college budget to help you determine what you can spend where.

Some of the most important lessons you learn in college may not be from a professor or a lab experiment. You may learn a lot by figuring things out yourself through trial and error – such as how to manage your money and stick to a budget. These are lessons you will be able to use for the rest of your adult life.

College is a great time to start learning how to manage your money, and you’ll have to start by creating a college budget. For many people, college is their first time away from their parents. This means that you can spend money without a family member constantly looking over your shoulder.

Keep track of your money
It may be a little too ambitious to make a final budget your first month of college, but there are ways you can start. First, determine how much money you have coming to you. It may be money from home, part-time work or from your savings. Then, closely track your spending. This means subtracting every purchase you make from your starting amount. Don’t forget to include the cash you spend on trips to the coffee shop, the copies you make of handouts, change at laundry facilities and the sodas you buy at vending machines. Also keep track of your use of your campus meal plan. Did you spend money at the grocery store when you could have gone to the school cafeteria? These are important things to keep track of so that you can come up with a manageable college spending budget.

Create a college budget
Once you have adequately tracked your inflow and outflow of money for a period of time, you can look at what works and what needs to change, so you can create a workable college budget. Perhaps you find that you are spending several dollars a day on sodas at the soda machine. While you don’t have to stop drinking sodas altogether, you might find more money in your budget if you buy sodas in bulk at a local warehouse store. Another way to free up more money in your budget is to keep your eye out for deals offered on services you already use. Sometimes, companies will offer specials on internet and cell phone services, and these deals can save you money in the long-run.

Remember this: A budget is a guideline, not a contract set in stone. It also shouldn’t be a chore. A college budget will simply help you figure out what you really want to spend your limited money on. Be honest with yourself about where you can allow yourself to spend and where you should save so you have money for the things you want and need.