It’s important to make sure you don’t spend more than you can afford. School and college life can be fun as a student, but parents may find it hard to keep pumping in money if you don’t budget well. Here we’ll list reasons why you should budget as a student and how you can start as soon as possible.
(Also read - Best wedding themes to suit your budget)
Well, your parents aren’t always going to help you with your decisions. Now that they’ve entrusted you with their money (pocket money) to run the month, it’s important that you value their trust and build a budget. This will help you and impress them (at least save you the abuses) at the same time.
(Also read - Nervous about entering college life?)
Expenditure can go through the roof if you don’t bother keeping a tab about it. If you follow a budgeting schedule, it’s easier to differentiate between your needs and wants, that way your expenditure will be lesser.
Make a budget on a set date
If you set a date from where to start spending as per your budget, then you will be motivated to follow your budget. Draw out your budget either at the start of the month, year or on your birthday.
(Also read - Tips to save on birthday presents for friends)
Make the budget practical
Don’t make a shoe-string budget that you know you will never be able to stick to. Leave space for your wants like new clothes, new shoes or an outing with friends.
Consider getting a part time job
As a student, it isn’t practical to consider getting a full time job, but there are many part time jobs out there that can fit your college/school schedule.
(Also read - How to choose the perfect gift)
A budget will help you in the future
Making and sticking to a budget in your school/college life will get you in the habit of handling your finances well. So when the big money flows in, you’ll know how to handle it well!
For a parent, supporting college/school life may be strenuous. So consider what your parents may be going through, and make a budget today. Stick to it and you will make them proud!