31 July 2015

Back to College// How to Budget

The word budget sends fear into any young person's heart, but trust me you are going to be happy that you started it. Here is how you start your school year off right with a budget. Trust me, your bank account (and parents) will thank you!






1// Make a list of all of your expenses: This includes groceries, gas, and even clothing that you buy every month. Estimate how much you spend each month by looking back to what you've spent over the past couple of months.

2// Make a list of all of your income and savings: If you're like me, some semesters you're going to have to take more out of your savings than others. Look at your expenses, and look at what you may have going on each month. Also, think about how much you're willing to deplete your savings per semester, and how much you make during the summer and breaks to increase it.

3// Subtract your expenses from your income/savings: This is how much you have a month to spend, if you have a negative number than you need to cut back somewhere.

4// Once you have your number: If you can, try and add $20 or more dollars to your savings account so that you have some rainy day money. Remember your budget the next time your decide to go out or buy that expensive pair of shoes.

5// Use an app: I use Mint to keep track of my finances. I set budget limits there, and it helps keep me honest!

6// Don't neglect savings: I had to save for a year for my study abroad trip. Now I'm saving for my first post-grad apartment! Learn how to save now, it'll help in the long run!

Other Tips

-Think about how you are spending your clothing budget. I tend to buy investment pieces that I know I'm going to wear a lot, and for awhile. I don't have a problem waiting for a sale to come to buy that piece. I also know that I'm going to want some more fashion pieces, but I will only spend so much on them.

-Car pool, take public transportation or walk in order to save money.

-Opt for nights in with friends at least once a week instead of going out.

- Go to free campus events for (free food) entertainment.

-Take advantage of student discounts on tickets, clothing and admissions.

- Prioritize what you find important, if you don't know yet then look where you're spending your money.


If you're looking for more in-depth budgeting tips, check out Rich Bitch: A Simple 12-Step Plan for Getting Your Financial Life Together... Finally.  I'm reading it right now, and it's been really great!

What do you do to save money? How do you keep track of your budget?


xoxo

15 comments:

  1. This post is awesome! I'll be starting college in the fall but I'll still have my job, so I'll definitely need to use these tips to budget. Definitely bookmarking this!

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  2. This is definitely so helpful!
    I try to keep a budget for myself and put as much in my savings as possible so that I am not spending unnecessary amounts of money.

    xoxo, Jenny || Breakfast at Lillys

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  3. Lists are so important! This was definitely helpful for my sister who is going into college this fall as a freshman. I recommended Mint to her!

    Mikayla | A Seersucker State of Mind.

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  4. I'm so bad at budgeting but these tips are really easy and helpful! Thanks for sharing, maybe I'll get myself on track now ;)

    Kayla | kaylablogs.com

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  5. Love this post! Thank you so much for the Mint suggestion...I need that in my life!

    Love,
    Emma

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  6. Great budgeting tips. I have always been horrible at budgeting, but I am trying to be better now.

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  7. BUDGET IS LIKE A FOUR LETTER WORD--BUT IT'S SO IMPORTANT TO LEARN IN COLLEGE BECAUSE ONCE YOU GRADUATE IT'S EVEN HARDER TO GET STARTED IF YOU HAVEN'T HAD A GOOD FOUNDATION!

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  8. What great tips! I'm going back to college in a week or two and I know that these will be super helpful to me

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  9. I am SO awful at budgeting... these are awesome tips! Xo

    Kay || Fashionably Kay

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  10. These are great tips! I am the WORST at budgeting... haha

    Lauren
    The Fashionista's Diary

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  11. I should really start using Mint! I'll start Monday. Thanks for the tips!

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  12. I love budgeting posts (and did two myself in the past!). So informative, and SO helpful for people, especially us college kiddos! Mint is definitely fabulous and a great way to keep things in check.

    Coming Up Roses

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  13. Ooh I've never heard of Mint before! I'm going to go check it out.

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  14. This post is filled with some really awesome budgeting tips. It's very important for students to at leat somewhat understand budgeting so they don't blow all their money during the first few weeks of college. It's definitely harder to save/budget money when sometimes you get large lump sums of it.

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  15. Mint is the best. Well, the best/worst cause it opened up my eyes on how much I spent on Chipotle this month, haha. Love these tips!

    xo, Alicia | Alicia Tenise

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