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How to Build a Profitable Budget for College?

Category : Blog

College is a new and extremely overwhelming milestone for every student. Besides the unfamiliar student community, unclear campus location and stressful realization that you are now far from home, in a couple of days you also understand that your wallet is not bottomless. Studying in college requires a lot of expenses both for various academic items, such as: books, writing utensils and library fees; and for variable costs you spend on eating, rent, gas and having some nights out with your friends.

That’s why your “education” starts before you enter the college door – finance mindset is what you need to master ahead. Planning the budget ahead, and what is more important- sticking to it, will prevent you from the headache-provoking questions “Where did all the money go and how to pay for the rent?”

Planning the Budget Ahead

A plan is a first step you are ought to make towards the profitable studying in college. Take some time and look around for a couple of days and decide on your budget based on new lifestyle. Write down approximate expenses for the items you need to pay for at least for a month. The plan may change with time. Think of the most vital expenses you need to cover and cross out some luxury items that are inappropriate, for right now. Do not panic, if the first month or two will be costly – you’ll figure out how to manage your finances with time.

Keep the Track of Your Expenses

Hey, there’s one more reason to use your favorite awesome App Store! It is hard to visualize how much money you spend during the day, even if you have a plan: a couple of bucks for coffee and snacks, a few for a new fellowship T-short, a couple for an evening meal with your friends in the bar. By the end of the day it is hard to believe where you’ve spend all this money. Download an app on your phone and write down our expenses. It’s the easiest way to keep track of money and analyze what you can cut on.

Where’s the Closest ATM?

Keeping money on a credit card is pretty comfortable, especially if you an Amazon or Aliexpress fan. Though, cash is what’s going to prevent you from getting into debt. It is usually a bit hard to give the money away, so when you pay with cash you rethink whether the purchase is necessary. With a credit card the situation gets out of control, as you don’t feel how much you spend. So try to keep some cash in your pocket to pay for snacks and groceries at least.

All in all, it’s hard to calculate all the possible expenses, as some of them may come up unexpectedly. Though, taking into consideration at least the fixed costs can ease the college life a lot.