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7 ways of budgeting for college students

Updated on July 1, 2011

Today, as you move from one level to another in your academic life, do you know that you are making the wisest investment and that is investing in yourselves, your future and when it comes to budgeting for college students like you, you must understand that this is one of those aspects that everyone has to learn and implement, and if you are starting it early from the time your expenses are funded by your parents' monthly income, then this is the best time. You can start paying for college or fund your higher studies with the money you save with budgeting. What follows are 7 easy ways of budgeting and start saving money for college fund:

1. Making a budget is as important as implementing it

Most students planning for a budget must have numerous times thought, “No problem I can save next month” and break open their piggy bank but end up with no money, the next month to save too. Blunder, they repent so much later on.

Ways of budgeting for college students
Ways of budgeting for college students | Source

2. Setting up a budget

Setting up a budget is not as intimidating as it might seem. It is a responsible action that the majority of humans must do as they enter adulthood to ensure financial freedom and break the chains of debt and over consumption once and for all.

3. Controlling urges for budgeting

As you are a college student and you are planning for budgeting, then my dear friend controlling your urges and preplanning spending habits is the best way to budgeting, but remember to pay yourself first. There is no point in having a budget without remembering the whole reason behind it, which is saving for future needs. The best way to save is to pay yourself first when you get your pocket money.

4. Starting a bank deposit

Determine on a set figure and consistently deposit that sum into your piggy bank or bank account each month. The figure should be realistic, not astronomical, and should only be about 25% to 30% of your regular pocket money you get from parents. The rest of the money should be kept for your daily expenses.

5. Consider money deposited untouchable

Now consider the money, once deposited, untouchable. Try not to withdraw it for any reason. Slowly over a period of time and with more deposits, your money will begin to grow into a nice, tidy sum.

6. Money limited urges unlimited

When it comes to spending, you should always realize how much you have, how much you have to spend and how much you can save. Because money is always limited but our urges and needs are always unlimited.

7. Pocket money as student’s salary

If you don’t have a paying job, then chances are your parents are your main source of income. Determine how much money they give you each month. This figure includes both pocket money and any lump sum you are given each month. This is basically your salary, so use it wisely.

The above were a few ways of budgeting for college students. These ways even benefited me at different stages of life. There are various other ways of budgeting and savings one can utilize in his life. Now, I would love to know more ideas or tips on budgeting, so please share your comments and suggestions as to how you peeps budget yourself and pay for college.

Happy budgeting!

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