Setting up your first budget may seem daunting, but it’s actually really simple! Here are a few quick tips to help college students set up their first budget.
is what you bring in on a recurring basis from jobs, internships, financial aid and family support. Remember: This is what you get in your paycheck after taxes .are things you need to pay for that typically cost the same amount, such as your rent or phone bill.are necessities and wants where the prices and frequency vary, such as groceries, transportation or entertainment.
Although this isn't the only way to budget, it's a great place to start because it's three simple numbers. Should you find that the rule doesn't work for you, you can always make adjustments later. You're not locked in. For those who may not enjoy the process of having to write everything out — Don't worry! Online resources such as theand digital tools offered by your bank or other financial institution, plus automating things like bill pay and savings, can aid you in developing a budget that you can easily and consistently stick to.
"I had to take first aid this semester, and our teacher recommended that first aid training kit, and it was like $30 … This training kit only has one set of tools, and I can't really use it after that," Okoro explained."So, I was just like, 'OK, I'm gonna go on Amazon,' and I found a $9 first aid kit … I just saved, like, $20!"
Unexpected expenses such as a broken laptop, a flat tire or an illness can happen to anyone. So, you just have to be prepared. Have some cash in your checking account at the end of every month so that when something comes up, you're not caught off guard. "My savings account has different buckets and when it's automatically pulled out of my paycheck, it's also automatically distributed to my different goals," Clements said."I usually just have everything done for me through my different tools," she said.Budgeting, contrary to what you might think, doesn't require a lot of your time. All you have to do is:Track your budget — by writing it down, using a spreadsheet or appThat's it! It's that simple.
The key is to start now: Build good habits and check in with your progress. If you overspent last month, make the correction this month and get back on track. Don't beat yourself up or worse — keep overspending month after month until the problem snowballs out of control.
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