College Student Guide to Budgeting Money

So, you are prepared to construct a budget for yourself or your household. Making a budget for college expenses and each of life’s additional essentials is a sensible financial move, but you do not want to draw a blank about all of those things that aren’t “essentials” per se.

Sustaining a budget for your amusement expenses will aid you to integrate these expenditures into your overall budget plans.

1. Specify how much of your overall budget you would like to use for amusement purposes.

2. Get together your check book, relevant bills, receipts and bank statements for the past three months.

Look through these items and circle any entertainment-type spending to get an estimation of what you spend income on and how much money is being spent.

3. Break out your computer or take a pen and paper and write down all of your personal entertainment expenses for the past three months. Then list the items as well as how much you spent on each one.

Budgeting Money for the College StudentThis would include things such as eating at restaurants, attending a movie, internet for your computer and cable television.

Then add together the dollar amounts and divide the total by three to acquire a monthly average.

4. Cut down spending wherever possible if the monthly average you estimated equals more than the original budget amount you set to the side for entertainment.

A couple examples of simple things to cut back include dining out less often and cutting back on cable for a while.

Since entertainment is not a necessity in life, it should be fairly simple for you to find certain things you’ll be able to cut back on.

5. Determine how much of your money you would like to commit to each category of your expenses, such as eating out or going to the movies, after evaluating the total amount you actually spend in a month’s time compared to your entire monthly entertainment budget.

6. List every category with the allotted dollar amount next to it for your final budget. Include a “mixed” category for unexpected or one-time expenses, such as a birthday party for your better half or one of your friends.

Remember that it is very important to stick to your personal budget. Fight through the urge and resist temptation. You will thank yourself in the long run.