Hey there, fellow college students! I know it can be difficult to keep track of your finances when life is moving a million miles an hour.
But here’s the thing – creating a college student monthly budget doesn’t have to be difficult!
In fact, it can be easy and straightforward if you just take the time to do it. Plus, you’ll feel so relieved once you are on top of your money and know exactly where it’s going each month.
Here’s my simple guide to help you get started.
Why is it important for college students to keep a monthly budget?
As college students, we all know that money doesn’t grow on trees. But the truth is, when you have a budget, it can feel like it does!
I know it may seem daunting to keep track of your money when college life is in full swing, but don’t worry. It’s totally doable! it takes a bit of work to make your college student monthly budget – but trust me, once you get the hang of it, you’ll be so glad you did.
Learning how to create a college student monthly budget will help you stay on top of your finances. That way, you’ll have enough money at the end of the month to keep you afloat.
With a college budget, you can plan ahead for those surprise expenses and have an emergency fund ready when needed. Plus, you’ll have more money left over for college fun – like those late-night pizza runs!
And don’t forget, you’ll be responsible for keeping track of all your payments and due dates. Miss one, and you could be in for some serious financial trouble.
So to keep your college life running smoothly and avoid any unnecessary drama, budgeting is a must. Otherwise, all the money you don’t spend on college necessities like books and tuition might end up being squandered away on things you don’t really need. Now, let’s get started on creating your college student monthly budget.
What kinds of expenses are common among College Students?
When it comes to college students, there are a few common expenses that can quickly add up.
Tuition and textbooks are obvious, but don’t forget about the cost of living (rent, groceries, and utilities), transportation (gas or bus pass), technology for schoolwork (laptop, printer, software), and entertainment (eating out, movies, concerts).
Here’s a list for you to get an idea of all the expenses you need to factor in when making a budget:
1. School Supplies: College students need to purchase textbooks, stationery, notebooks, and other supplies for their classes.
2. Food: Eating out and buying snacks can add up quickly. Consider meal prepping instead of eating out to save money!
3. Housing & Utilities: Renting an apartment or living off-campus usually comes with a hefty price tag plus any utilities you may have to pay for.
4. Transportation: Paying for public transportation, car maintenance, and gas can add up quickly.
5. Entertainment & Social Activities: From Netflix subscriptions to going out with friends, we are often spending money on activities and entertainment.
6. Health Care: You don’t want to be stuck with a big bill if something goes wrong. Make sure you have health insurance, and if necessary, add in money for doctor’s appointments.
7. Clothing & Personal Grooming: Whether it’s college swag or new clothes for the season, college students need to factor this into their budget. This includes any personal items like shampoo, soap, and other toiletries as well.
8. Technology: Whether it’s a laptop or phone subscription or any other technology-related items.
9. Savings: Don’t forget to set aside some money each month for an emergency fund! You never know when you might need it.
How to create a Monthly College Student Budget
#Step 1
Set up a budgeting spreadsheet. Start by making a spreadsheet of your anticipated income and expenses for the month, using categories like food, housing, and entertainment.
#Step 2
Track your spending. Start tracking all of your expenses, whether they’re small day-to-day purchases or big-ticket items. This will help you figure out where the majority of your money is going and what areas need cutbacks.
#Step 3
Prioritize expenses. Decide which expenses are must-haves and which ones can be trimmed down or eliminated altogether. Consider buying used textbooks instead of new ones to save some cash!
#Step 4
Set a budget for each category. Make sure you have enough money allocated to cover basic needs like rent and food before anything else. Then allocate any remaining funds to other categories such as entertainment and transportation as needed, while still leaving room for savings.
#Step 5
Stick to your budget. It’s easy to forget about the budget once it’s set, but make sure you don’t go over your allotted funds in any given category. Make use of apps or other tools that can help you monitor your spending and stay on track with your budget.
#Step 6
Re-evaluate your budget periodically. Once a month or every few months, take a look at how much money you’re spending in each category and adjust as needed. Contrast those total spending numbers with the amount that was allocated to your budget.
It’s very likely that you’ll discover that you underspend in certain categories while overspending in others.
If, for instance, you discover that you are spending $200 on dining out when only budgeting $150, you must either cut back on your spending or find space in your budget for the additional funds.
After all, if you don’t pay attention to whether or not you’re sticking to your budget, it won’t truly serve its purpose for you.
#Step 7
Don’t forget about saving money! Even college students need an emergency fund—make sure to set aside a small portion of your budget each month for savings.
Tips for Budgeting and Saving Money in College
Tip #1: If you can, consider ways to reduce expenses.
You will be responsible for maintaining your personal budget, and the prices can undoubtedly keep piling up. Finding ways to cut or reduce some of your expenses is one of the most effective things you can do to make the experience a little bit easier on you. Find out How to Spend money wisely in college and learn some Amazing Hacks to Save Money in College.
Tip #2: Appreciate Shared Living
Attending college gives you an amazing opportunity to meet a variety of individuals and develop relationships that can last a lifetime.
In addition to all of these perks for your social life, living with friends can help you save money on rent prices, both on and off campus.
If you share an apartment with a few people, you can save money on things like groceries, internet bills, transportation, and other expenses by combining your resources.
Related: Living off Campus in College: 11 Things you need to Know
Related: Living On Campus vs Off-Campus: 5 Awesome Pros & Cons
Tip #3: Prepare your own meals.
Over the previous decade, the price of a college meal plan has nearly doubled, with some students now paying close to $4,500 for the whole academic year.
You can improve your diet while lowering overall food costs by shopping for supplies and cooking meals for yourself.
Related: Master Grocery Shopping List For College Students
Tip #4: Make adjustments to your spending plan as you go.
As you advance in school, you may likely need to make adjustments to your budget. It is highly unlikely that the budget you established for yourself when you were a freshman will suffice by the period you are a senior.
In addition, when you are just starting, you may discover that you have incorrectly predicted your income or expenditures.
The ability to adapt to situations is essential. If you go over your monthly budget, rather than being frustrated with yourself for doing so, consider the result might be different for the next month and ensure that you have a better performance the next month.
Tip #5: Start saving money immediately.
Saving money at college is challenging. That much is undeniable. However, sticking to the monthly budget will be easier if you set aside money each month to cover unforeseen costs.
By creating a savings plan for your monthly budget, you may rest easy knowing you have a contingency fund in case of financial hardship.
Creating a college student’s monthly budget doesn’t have to be complicated or time-consuming. By following these steps and tracking your spending, you can make sure that your college experience is both fun and financially stable!
“Some people’s idea of budgeting is counting their money after they already spent it… college student’s idea of budgeting is to try to figure out which meal they can skip to make their money last longer!”
Leave a Reply