College Budgeting 101
As college students with many financial obligations, it can sometimes be difficult to keep track of our money. It only takes a few purchases and the next thing you know, you can find yourself behind on rent, short on cash, and maybe even calling home for some extra help. Luckily, all it takes is a few minutes to budget and your money will be well-managed for that future time period. This article is all about helping CWIB’s members get better at controlling their finances. Once you graduate and enter the real world, you are going to have a lot more expenses to keep track of, so why not start practicing now?
Where To Start
Sometimes we make purchases without thinking. Start by looking through your bank account and keeping track of what you spend. Whether it’s in an excel spreadsheet or in a physical notebook, writing down your purchases is helpful for looking back and seeing which areas you’re spending too much in. Excel even has multiple templates that will analyze your spending and saving for you. All you have to do is plug in the numbers!
Getting Down to the Numbers
In the same notebook or spreadsheet, make a list of your expenses for the month and allot a specific amount of money to cover these expenses. For example: rent-$500, groceries-$45 per week, gas-$80, and entertainment-$60. Don’t forget to set aside money for miscellaneous purchases, such as lunch with a friend, Benny’s on Friday night, or school supplies. If you find that you’re having trouble with spending more than you budgeted for miscellaneous spending, take cash out of your bank account and use that instead. Then once it’s gone, don’t take out more until the next month/week.
Budgeting With Your Phone
If you want to keep a closer eye on your budget and expenses, using a mobile app is a great way to go! Here is a list of some apps that not only make budgeting even easier, but will also remind you when to pay your bills, calculate your credit score, and more!
1. Mint: Personal Finance & Money – This app is free and puts all your financial statements in one place, tracks your spending and credit score, and reminds you to pay your bills.