Budgeting Your Money In College

I am not an expert on financial advice, but I know a good amount about how to correctly budget your finances as a college student. I bought and fixed up a mustang when I was 17 then went on a 2 year mission to Brazil, using my own money. I am putting myself through college while paying a car and insurance payment, gas, food, and other things. Yes my parents love me and could easily help me, but I was trained to be independent. I want to do things by myself, partly because I appreciate them more and also because I feel like I have accomplished something when I buy my own things while others depend on their parents.

Budgeting is extremely important, and although somewhat time-consuming it is worth the effort. One of the best things I have found that is extremely helpful for budgeting, is mint.com. Mint is a free budgeting tool for anyone, all you have to do is sign up. The way they make money is by referring you to other banks but it is never intrusive and they respect your privacy. Mint has great budgeting tools, where you can monitor your spending down to each transaction. One great feature is the Mint smart phone app, which gives you alerts when you overdraft or spend more than you budgeted in a certain category.

Another useful technique is to write on a piece of paper your current financial standing. Write down what you owe and what cash you have on hand. With those numbers, you will be able to figure out how much you need or have to save. Focus on current things like books and food and not the big things like student loans. It is easy to forget something like a check and overdraft on your account, so you need to track your spending as much as possible. The worst thing you can do is ignore the facts. Some students ignore their student loans and other bills and pay the price for it. Every week you need to evaluate your current financial standing and make plans and goals for the future.

These simple tips will help you manage your money more efficiently and be able to spend it on important things. You will be amazed to see where your money is going once you start budgeting.