How to Create a Realistic Budget for College

January 9, 2018 Tally Student Survival Students College budget, College Student Blog Social Share

As a full time college student it seems as though I never have enough money to do the things that I would like to do. In reality, I have enough money to do whatever I would like and more but, due to goals I would like accomplish later in life, I spend my money wisely!

I have been working since high school and have been saving money since. I’ll explain the method that I use and other methods that people find helpful.

Whenever I received a paycheck I would save 60% of my check and whatever was left over I would take a certain amount out in cash and only spend that amount.

Ex: I make $250 for the week. 60% of $250 is $150, this will go into my savings account. That leaves me with $100 left. I would take $50 out in cash and keep the other $50 in my checking account. The money in my checking account would only be used for emergencies or I would save it until the end of the month and treat myself to something.

Another method I used since I do not work during the semester is let’s say my mom puts $200 in my account to last me for at least 2 weeks; I would take out $80 at the beginning of the week and only spend the cash that I took out. Whenever I would come across a $5 bill I would it put away in a jar. At the end of the semester I would use the money in the jar to splurge on something!

It is important to have a savings for these reasons:

• Unforeseen spending- These are purchases that you would not anticipate, such as getting a new tire or a parking ticket.
• The money is there if you need it- If there is ever a moment where you need easy access to money, it’s there! You won’t have to depend on someone else for emergencies.
• Major life changing goals- It is smart to start saving NOW for retirement! If you plan on being a home owner, now is also a great time to get in a habit of having a budget and setting aside money every month.

Saving money is not easy at first, especially when you are young. There are times when I make impulsive purchases but I always try to replace the money I spent. Learning how to be disciplined with your money well ultimate save you more money in the long run.

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