| My experiences on budgeting have taught me the value of money and some good ways to manage it. I have thought of giving my views on this topic, which I believe will help others. This time I have included budgeting tips especially for college going students. Nowadays college students earn for their daily expenses through part time jobs or even full time jobs in summer. And therefore, it's necessary for them to understand the importance of the money they earn. |
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Below are some of the tips which will help them and others to manage their funds well. 1. Track your expenses. Before you start a budget, it is very important that you know where your money goes. So you should track your spending for the first 3-4 weeks and avoid unnecessary expenses. | |||
- Monitor your bills:
Check out with your credit card bills every month and adjust your budget likewise. To avoid overspending, limit your debt to only 10% of your monthly income. There can be unexpected expenses for which you should always keep aside a certain amount.
- Check out with the credit limit:
Avoid using up the maximum limit on your credit card. It's not necessary that you can pay off as much as you withdraw using the card. This is because college life makes you spend more in all kinds of entertainment and miscellaneous activities. So, it's always better to set aside a certain sum of money for medical expenses or emergencies.
- Pay your bills in time:
Notice the payment due date as soon as you receive a bill from the credit card company. At least try to pay the minimum amount within the due date if not the outstanding balance. Otherwise, it is taken as late payment which affects your creditworthiness.
Jessica
I feel it's better not to take credit cards to college until and unless students can avoid using it for anything and everything. It's a good thing not to use these cards for trivial things. Otherwise, if students can't pay down the bill in time, they may end up paying a higher interest in return.
For students, debit card is a good choice. This card allows them to get quick money and also limits their spending to the funds available in their account.
Thanks,
Emily
You have touched the core part of financial problem and I totally agree with you that a thing has to start from the early days.
Yesterday I found related news which might help our readers. It might not be that much related to budgeting but it will surely help college students as well as their parents.
The news was on “How to Pay For College”
For a student the most important thing which matters is how to get into a good college. And most importantly how to bear the cost of high education. These things will always be there if you haven't saved enough for college.
Some of the points to look for:
• Know the Lingo
• Don't Be Scared by the Price Tag — Apply
• There's Money Out There — Go Find It!
• You Can Do It Cheaper
• Make the Grade, and Don't Give Up
Full coverage of the article can be found here.
Thanks
You have entered into a new phase of your life and start going college. You may wish to establish budget so that it's help you to manage your finance. You can handle budget just like attending classes regularly.
First, you need to calculate your income:
At first, you need to prepare the list of income sources (like part-time job, monthly allowance given by your parents etc.) along with income amount. Now, calculate your total income in a month.
Then, try to figure out where your money will go?
Now, you need to figure out the amount money is going out. You can use a notepad to keep track of your expense for about a month.
Finally, Establish the Budget:
After keeping the record of expenses for the first month, you can start preparing a budget. Start by making a list of expenses head along with respective budget amount on the basis of last month, such as:
- Hostel Rent
- College Fees
- Tuition Fees
- Books
- Food
- Traveling Expenses
Thanks
I am a college going student, and I have a disbalanced budget. How should I avoid piling of debts and other obligations....
Thanks in advance.
Here are some ways that will help you to avoid debts.
- Try not to carry a credit card to your college. Credit cards can very tempting to use it. There are lots of hidden costs in credit cards. The interest rate charged is also very high.
- You can opt for debit cards instead of credit cards. This gives you an instant access to your money. They will also limit your spending to the amount that is available in your account.
- Use coupons that are available to you. Since you are still a student, you will get lot of student discounts.
Thanks,
Jerry
As far as students are concerned, parents shouldn't give them too much of money to spend. If they have a stipulated amount in their hand, they will not spend it on unnecessary items.