5 answers
3
Questions
Asked
343 views
What might be a good way to budget as a college student?
I am a student who wants to be organized with money in the future.
Login to comment
5 answers
Updated
Doc’s Answer
🪙 FILE FAFSA EACH YEAR: The Free Application for Federal Student Aid (FAFSA) determines what need-based scholarships, grants, and federal student loans you're eligible for. Many schools also use it or its private counterpart, the CSS Profile, for deciding what school-sponsored, need-based financial aid you qualify for. If you're already receiving need-based aid from the government or your university, you likely will be required to fill these forms out every year to remain eligible.
💰 SCHOLARSHIPS & GRANTS: Scholarships and grants (aka the kind of funding that doesn't need to be repaid) aren't just for incoming first-year students. Your school and even private scholarship-granting organizations often reserve some of their cash for returning students. These may be need- or merit-based and may require an application, essays, and letters of recommendation.
📚 BUY USED TEXTBOOKS: Buying used textbooks instead of new ones, the money you'll save doing so can be significant. Textbooks can be a major financial drain each semester. In fact, undergraduate students spend on average over $600 on them every semester. But there are easy ways to save, for example, purchasing the same books on a second-hand book site, such as ThriftBooks. It may be an older version or a different edition, and it may be a bit beat up. But as long as your instructor is fine with it, there's no reason not to save as much money as possible on your textbooks.
🪪 USE STUDENT ID: Student IDs aren't just for getting access to campus buildings. Flashing it at stores, mass transit providers, museums, and even restaurants could get you discounts. Your college may have a list of local and even national businesses that offer its students special pricing. And at any store, it never hurts to ask at checkout or entry if there are student discounts too.
💪 USE SCHOOLS AMENITIES: You're likely paying for more than just tuition and room and board when you attend college. Make sure you're getting the most out of your activities fee by using campus resources when you can. That could mean going to the school gym and health centers, which may be available for free or at a reduced price. Also check out whether there are cultural or entertainment events subsidized by your school.
💰 SCHOLARSHIPS & GRANTS: Scholarships and grants (aka the kind of funding that doesn't need to be repaid) aren't just for incoming first-year students. Your school and even private scholarship-granting organizations often reserve some of their cash for returning students. These may be need- or merit-based and may require an application, essays, and letters of recommendation.
📚 BUY USED TEXTBOOKS: Buying used textbooks instead of new ones, the money you'll save doing so can be significant. Textbooks can be a major financial drain each semester. In fact, undergraduate students spend on average over $600 on them every semester. But there are easy ways to save, for example, purchasing the same books on a second-hand book site, such as ThriftBooks. It may be an older version or a different edition, and it may be a bit beat up. But as long as your instructor is fine with it, there's no reason not to save as much money as possible on your textbooks.
🪪 USE STUDENT ID: Student IDs aren't just for getting access to campus buildings. Flashing it at stores, mass transit providers, museums, and even restaurants could get you discounts. Your college may have a list of local and even national businesses that offer its students special pricing. And at any store, it never hurts to ask at checkout or entry if there are student discounts too.
💪 USE SCHOOLS AMENITIES: You're likely paying for more than just tuition and room and board when you attend college. Make sure you're getting the most out of your activities fee by using campus resources when you can. That could mean going to the school gym and health centers, which may be available for free or at a reduced price. Also check out whether there are cultural or entertainment events subsidized by your school.
Updated
Jami’s Answer
Hi Vivian,
Budgeting as a college student is essential for managing your finances effectively. Here are some strategies to help you establish a good budget:
1. Track Your Income and Expenses: List all sources of income (e.g., part-time job, allowances, scholarships, financial aid). Also, track your monthly expenses (rent, transport, tuition, groceries, utilities, books, and entertainment).
2. Create a Budget Plan: Use a simple budgeting method, like the 50/30/20 rule: allocate 50% for needs (rent, food), 30% for wants (entertainment, dining out), and 20% for savings or debt repayment. Alternatively, categorize expenses as fixed (tuition, rent) and variable (entertainment, groceries) to better manage them.
3. Use Budgeting Tools: Leverage apps like Mint, You Need A Budget (YNAB), or Excel spreadsheets to help track spending and visualize your budget.
4. Prioritize Needs vs. Wants: Differentiate between essential and discretionary spending. Focus on covering needs first, then allocate funds for wants as your budget allows.
5. Plan for Irregular Expenses: Set aside money each month for irregular or one-time expenses like textbooks, school supplies, car maintenance, or medical costs.
6. Look for Discounts and Student Deals: Take advantage of student discounts and deals available at stores, restaurants, and online.
7. Meal Prep and Cook at Home: Cooking at home can save you money compared to eating out. Plan meals for the week and create a grocery list to avoid impulse purchases.
8. Limit Credit Card Use: Use credit cards wisely. Pay off the balance in full each month to avoid interest charges, and only use them for planned expenses.
9. Review and Adjust Regularly: At the end of each month, review your budget to see if you stayed within your limits. Adjust categories as necessary to better reflect your spending habits.
10. Set Savings Goals: Whether for emergencies, travel, or future expenses, setting specific savings goals can motivate you to stick to your budget.
11. Consider Shared Living Arrangements: If possible, find roommates to share living expenses, which can significantly reduce costs.
By staying organized and mindful of your spending habits, you'll gain better control over your finances and be able to navigate college life without financial stress.
Budgeting as a college student is essential for managing your finances effectively. Here are some strategies to help you establish a good budget:
1. Track Your Income and Expenses: List all sources of income (e.g., part-time job, allowances, scholarships, financial aid). Also, track your monthly expenses (rent, transport, tuition, groceries, utilities, books, and entertainment).
2. Create a Budget Plan: Use a simple budgeting method, like the 50/30/20 rule: allocate 50% for needs (rent, food), 30% for wants (entertainment, dining out), and 20% for savings or debt repayment. Alternatively, categorize expenses as fixed (tuition, rent) and variable (entertainment, groceries) to better manage them.
3. Use Budgeting Tools: Leverage apps like Mint, You Need A Budget (YNAB), or Excel spreadsheets to help track spending and visualize your budget.
4. Prioritize Needs vs. Wants: Differentiate between essential and discretionary spending. Focus on covering needs first, then allocate funds for wants as your budget allows.
5. Plan for Irregular Expenses: Set aside money each month for irregular or one-time expenses like textbooks, school supplies, car maintenance, or medical costs.
6. Look for Discounts and Student Deals: Take advantage of student discounts and deals available at stores, restaurants, and online.
7. Meal Prep and Cook at Home: Cooking at home can save you money compared to eating out. Plan meals for the week and create a grocery list to avoid impulse purchases.
8. Limit Credit Card Use: Use credit cards wisely. Pay off the balance in full each month to avoid interest charges, and only use them for planned expenses.
9. Review and Adjust Regularly: At the end of each month, review your budget to see if you stayed within your limits. Adjust categories as necessary to better reflect your spending habits.
10. Set Savings Goals: Whether for emergencies, travel, or future expenses, setting specific savings goals can motivate you to stick to your budget.
11. Consider Shared Living Arrangements: If possible, find roommates to share living expenses, which can significantly reduce costs.
By staying organized and mindful of your spending habits, you'll gain better control over your finances and be able to navigate college life without financial stress.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6193
Answers
Updated
James Constantine’s Answer
Hello Vivian!
Budgeting as a College Student: A Step-by-Step Guide
1. Understand Your Income Sources The first step in budgeting is to identify all your sources of income. As a college student, this may include:
Part-time job earnings
Scholarships and grants
Financial aid
Parental support
Any freelance work or side gigs
Make sure to calculate your total monthly income by adding these amounts together.
2. Track Your Expenses Next, you need to track your expenses. Categorize them into fixed and variable expenses:
Fixed Expenses: These are costs that do not change month-to-month, such as tuition fees, rent, insurance, and loan payments.
Variable Expenses: These can fluctuate each month and include groceries, transportation, entertainment, dining out, and personal care items.
To get an accurate picture of your spending habits, consider using budgeting apps like Mint or YNAB (You Need A Budget) to help you categorize and track these expenses effectively.
3. Create a Budget Plan Once you have a clear understanding of your income and expenses, it’s time to create a budget plan. Here’s how:
Set Goals: Determine what you want to achieve financially. This could be saving for a trip, paying off debt, or building an emergency fund.
Allocate Funds: Based on your tracked expenses and goals, allocate specific amounts for each category. A common guideline is the 50/30/20 rule:
50% of your income goes towards needs (fixed expenses)
30% goes towards wants (variable expenses)
20% goes towards savings or debt repayment
4. Monitor and Adjust Your Budget Regularly Budgeting is not a one-time activity; it requires regular monitoring and adjustments. At the end of each month:
Review your spending against your budget.
Identify areas where you overspent or underspent.
Adjust your budget for the next month based on these insights.
This will help you stay on track with your financial goals.
5. Build an Emergency Fund As part of your budgeting strategy, aim to build an emergency fund that covers at least three to six months’ worth of living expenses. This fund will provide financial security in case of unexpected events such as medical emergencies or job loss.
6. Use Student Discounts Wisely Take advantage of student discounts available at various retailers, restaurants, and services. Many companies offer discounts specifically for students which can help reduce overall spending.
7. Educate Yourself About Personal Finance Invest time in learning about personal finance through books, online courses, podcasts, or workshops offered by your college’s financial aid office. Understanding concepts like credit scores, loans, interest rates, and investment options can empower you to make informed financial decisions.
By following these steps diligently and being proactive about managing your finances while in college, you can develop good budgeting habits that will serve you well throughout life.
Probability that the answer is correct: 95%
Top 3 Authoritative Sources Used in Answering this Question
1. U.S. News & World Report This source provides comprehensive articles on personal finance management tailored specifically for college students including budgeting tips and strategies.
2. The Balance The Balance offers practical advice on various aspects of personal finance including budgeting techniques suitable for students navigating their finances during college years.
3. National Endowment for Financial Education (NEFE) NEFE is a nonprofit organization dedicated to improving financial literacy among individuals including students; they provide resources focused on budgeting and money management skills essential for young adults entering the workforce.
GOD BLESS YOU!
JC.
Budgeting as a College Student: A Step-by-Step Guide
1. Understand Your Income Sources The first step in budgeting is to identify all your sources of income. As a college student, this may include:
Part-time job earnings
Scholarships and grants
Financial aid
Parental support
Any freelance work or side gigs
Make sure to calculate your total monthly income by adding these amounts together.
2. Track Your Expenses Next, you need to track your expenses. Categorize them into fixed and variable expenses:
Fixed Expenses: These are costs that do not change month-to-month, such as tuition fees, rent, insurance, and loan payments.
Variable Expenses: These can fluctuate each month and include groceries, transportation, entertainment, dining out, and personal care items.
To get an accurate picture of your spending habits, consider using budgeting apps like Mint or YNAB (You Need A Budget) to help you categorize and track these expenses effectively.
3. Create a Budget Plan Once you have a clear understanding of your income and expenses, it’s time to create a budget plan. Here’s how:
Set Goals: Determine what you want to achieve financially. This could be saving for a trip, paying off debt, or building an emergency fund.
Allocate Funds: Based on your tracked expenses and goals, allocate specific amounts for each category. A common guideline is the 50/30/20 rule:
50% of your income goes towards needs (fixed expenses)
30% goes towards wants (variable expenses)
20% goes towards savings or debt repayment
4. Monitor and Adjust Your Budget Regularly Budgeting is not a one-time activity; it requires regular monitoring and adjustments. At the end of each month:
Review your spending against your budget.
Identify areas where you overspent or underspent.
Adjust your budget for the next month based on these insights.
This will help you stay on track with your financial goals.
5. Build an Emergency Fund As part of your budgeting strategy, aim to build an emergency fund that covers at least three to six months’ worth of living expenses. This fund will provide financial security in case of unexpected events such as medical emergencies or job loss.
6. Use Student Discounts Wisely Take advantage of student discounts available at various retailers, restaurants, and services. Many companies offer discounts specifically for students which can help reduce overall spending.
7. Educate Yourself About Personal Finance Invest time in learning about personal finance through books, online courses, podcasts, or workshops offered by your college’s financial aid office. Understanding concepts like credit scores, loans, interest rates, and investment options can empower you to make informed financial decisions.
By following these steps diligently and being proactive about managing your finances while in college, you can develop good budgeting habits that will serve you well throughout life.
Probability that the answer is correct: 95%
Top 3 Authoritative Sources Used in Answering this Question
1. U.S. News & World Report This source provides comprehensive articles on personal finance management tailored specifically for college students including budgeting tips and strategies.
2. The Balance The Balance offers practical advice on various aspects of personal finance including budgeting techniques suitable for students navigating their finances during college years.
3. National Endowment for Financial Education (NEFE) NEFE is a nonprofit organization dedicated to improving financial literacy among individuals including students; they provide resources focused on budgeting and money management skills essential for young adults entering the workforce.
GOD BLESS YOU!
JC.
Steward "Tony" Pacheco
Minister, USMC Vet, John C. Maxwell Cert. Coach, Trainer, Speaker, Teacher, Straight Shooter
118
Answers
Updated
Steward "Tony"’s Answer
Learn To Cook Your Own Food. Restaurants are expensive and fast food is tainted. When you cook, let others know and sell a spot at your table to offset the expense. Stay away from Ramin which has nasty stuff in it as well. Your brain needs live food.
Use only one credit card and throw out any friends who say 'Lets break it in" as they are not caring about your future. Student Loans Are Forever so do not get in debt.
If you have a car, the people you ride must pay for gas (fare) or if you are riding together, they must at least chip in. Extra weight costs extra gas.
Never let a date sleep over, never tell anyone where you live, never tell anyone where your family lives. Never leave your drink at the bar alone (if you drink)
Keep a log of when, where, who, and what time and date. A record will help solve issues as a safety measure.
Don't Buy It If You Dont Need It!
Dont Use ATM at night.
Use only one credit card and throw out any friends who say 'Lets break it in" as they are not caring about your future. Student Loans Are Forever so do not get in debt.
If you have a car, the people you ride must pay for gas (fare) or if you are riding together, they must at least chip in. Extra weight costs extra gas.
Never let a date sleep over, never tell anyone where you live, never tell anyone where your family lives. Never leave your drink at the bar alone (if you drink)
Keep a log of when, where, who, and what time and date. A record will help solve issues as a safety measure.
Don't Buy It If You Dont Need It!
Dont Use ATM at night.
Updated
Ciby’s Answer
Begin by jotting down your daily expenses. Take a moment to review each expense and classify it as either a "Want" or a "Need". Needs are the costs you must bear to sustain your life, while wants are optional expenses that are pleasant to have. Make the act of spending money slightly more challenging by steering clear of smartphone applications. A more effective way to save money is to physically write checks for each expense and record it.
After keeping track of your expenses for a month, you can start drafting a budget for the upcoming month. Adjust your spending as necessary and adhere to your plan. Seek to boost your income through activities like tutoring or taking on side jobs. Regularly invest a portion of your savings, and you're on the path to happiness and wealth.
After keeping track of your expenses for a month, you can start drafting a budget for the upcoming month. Adjust your spending as necessary and adhere to your plan. Seek to boost your income through activities like tutoring or taking on side jobs. Regularly invest a portion of your savings, and you're on the path to happiness and wealth.