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
11 comments:
Great suggestions. I would just add one more. Use coupons. It took me far too long to learn the value in them. Even if all you do is use them for the "GREAT DEALS" and not for everything it can save you money on the everyday stuff so you have money for the college required beer and coffee. :) Use sites like furgalcouponliving.com and couponmom.com to help make it easier for you. GOOD LUCK!!
piphidavis
Um, an even better suggestion would be to NOT get college loans! They're much more hassle than they're worth and you'll end up in over your head by the time you graduate. I've seen too many young people in financial RUINS a few years after college because of those loans. WORK and pay your OWN way through school...even if it takes an extra few years, it's so worth it in the long run!!
Thank you so much for answering my question! :) It's great to get financial advice from a gal like me. I'll try cutting back on the fast food and Starbucks. My Mom always used to tell me that homemade was cheaper than fast food!
I'm still in and out of college. Those are some great tips but hard to follow through, but in the end it saves a whole lot!
one biggie for budgeting is dont follow the crowd ,they arent paying ur bills and really u wont be less popular if u dont go out for every pizza night or beers with the guys. in this economy ur friends should understand!
dont run out and buy all of the new fads just because you see everyone else with them.
Signup for two Sunday newspapers every week. (get the student rate) Clip coupons and signup for daily email updstes on mojosavings.com and couponingtodisney.com You will start accumulating so much stuff that you'll be able to sell it on campus. And remember Target and Walmart price match.
One thing that I've taught my daughter is that if you shop consignment shops, you can find the same brand clothing at a much cheaper price. She loves being trendy and not having to be broke to do it.
This was an excellent post that I almost didn't see. It would be great if it could be "stickied" somewhere. I wish somebody would have shared this with me 10 years ago. I wouldn't still be paying off so much in loans because I wracked up too much credit card debt buying fast food! LOL! Great post, TSGal
Another saying I've heard from a financial guy, Dave Ramsey. "Live like noone else today so that tomorrow, you can live like noone else." He means, if you scrimp and save, cut back on luxuries like Iphones and text messaging etc... then in the future you will have plenty of money to do whatever you want with. Unlike others who live life to the fullest now and will be paying off debts for the rest of their life!
coupons are great! but do not buy just because you have one!! Only buy what you need and if you have a coupon for it use it however do not fall prey to buying cause you have the coupon or you'll end up spending more than usual even. Peace, Bextir
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