BUDGETING

Keeping track of all of your spending may seem like a lot of work. But if you’re organized, keep good records, and use some of the following tips, you’ll find it’s easier than you may think. And, don’t be too hard on yourself if you slip up.

Here are some important points to keep in mind as you build your budget and identify what goes into your income and expenses:

Differentiate Between Wants and Needs!

• Start by making a list of things you’d like to save up for.
• Identify whether each item on the list is something you absolutely need or is really a want.
• If you decide you want something, ask yourself if you will still be happy you bought the item in a month.
• Next, prioritize each item on the list.
• Once you have set your priorities, you can then determine whether you should incorporate each item into your budget.

Remember to Pay Yourself First!

• Include “Savings” as a recurring expense item in your monthly budget.
• Small amounts that you put away each month do add up.

Resources:

• Federal Student Aid Budgeting Tips
• College Budgeting: How to Save Money in College
• How to Budget and Save Money as a College Student
• Budgeting for College Students: Where to Begin