Happy Wednesday everyone! I hope you are all ready to dig deep into the financial planning of a college student. Oh, the memories!!
Today's question was sent in from ckswagbucks, in Baltimore, MD:
As a college gal, I find myself having trouble controlling my finances. Can you give me some tips on budgeting?This is a question I wish I would have asked early on in my college life. The benefits of establishing a solid budget early on are far more important than the GPA you will carry. Everyone is so wrapped up in the lifestyle, classes, parties, and independence they forget this is important. The money left over from your student loans is a great way to start the budgeting plan.
1. The number one tip I have for you is stop spending your money on fast food. To this day, I still fall prey to my morning
Starbucks run or a quick lunch on the go. Early classes and late night study sessions don’t leave much time to cook. Try planning your meals out and making them on a Sunday. Freeze them and they are ready to go when you need them.
For an entire week keep track of you’re spending, if you see a trend try to eliminate it. Every now and then is ok, but if you are eating out every day, three times a day, it’s time to cut back!
2. If possible try not to use a car, I know, this sounds impossible. Think about it, gas,
insurance, and upkeep on a car can get expensive.
Leave the car behind. Carpool or take advantage of the public transportation system if you can.
3. Credit Cards will seem like an easy way out, but they add up. You don’t want to graduate with more debt then you will already have.
Try to commit to only buying what you can afford in cash. If an emergency arises and you can’t wait, make the purchase. Just remember it will end up costing you more than the price tag.
4. The last tip I have for you is keep your eye out for
deals. Secondhand isn’t so bad, buying
used textbooks over new, is a great first step.
Student discounts are a plus -- shop where these are offered. Look for sales and buy only what you need, not what you want. Always ask yourself, “Is this really worth the money”?
Budgeting is never fun, but it will save you the uphill climb most are endured with. Make sure you allow for a few frivolous purchases here and there. If you plan the budget with the mindset that adjustments are allowed, you will be on the right path.
Finally, make sure to leave yourself enough time to send questions to theswaggal@swagbucks.com. If we end up using yours, you'll earn 15 bonus Swag Bucks, which is bound to look good on any budget. Have a great week!
-TSGal
This Swagstakes is starts at only 2 Swag Bucks per entry, so be sure to grab as many as you can to improve your chances.
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