Budgeting During College Days

Budgeting During College Days

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College days are mostly remembered for friendship, gossip, coffee runs, last minute submissions and of course, no money. Everybody’s allowance definitely runs out even before the end of the month is in sight.

Here are some tips that will help you allocate resources efficiently and get everything done within your budget constraints.

1. Plan

If you have lived in a hostel before or are somewhat aware of how much each of your necessities like food, toiletries, clothes, stationery, etc cost, you are in good shape.

Allot some amount to each major sector of your expenditure. Allot a strict but doable kind of budget. Your planning should be in such a way that it should leave you with enough surplus to deal with unforeseen expenses.

2. Think in advance

If a budget has already been allocated to you, shop groceries and other necessities based on the budget. Better yet, make a list of items that you need to get by. Stick to the list and do not over invest.

The things that can be bought in bulk to save money should be the non-perishable type so that you can continue using them the following month. Costlier items like clothes, shoes, etc should be bought with caution.

Invest in basics so that you can always fall back on it when you are confused about what you have to wear. Check the apparel’s durability and wash instructions before buying so that you do not have to shell out a fortune dry washing it.

3. Creativity and imagination

Use your creativity and imagination to reuse and recycle used goods.

  • Use empty soda cans as pen stands.
  • Add some laces to old jeans to lend them a new look.
  • Go for homemade bags and sweaters.
  • Re-purpose old t-shirts as rugs or add accessories to boring pieces of clothing.

Buy only the things that you absolutely need. Also, be sure that you will be getting a lot of use out of what you are buying.

4. Think before you spend

Many of us end up binge eating or binge shopping when we are sad. You have to identify all such potentially budget destructive behavior and channel it in a proper way.

Meditate or talk to friends or family when you feel you are in trouble. Think twice or thrice before you spend in order to be sure that you actually want what you are buying.

It is important that you understand the significance of budgeting and sticking to it. Keep an expenses journal or tabulate your expenses on an app on your phone. Doing this will help you know where you are spending the most and what you are spending on which can further help you curb unnecessary expenses.
Share this article with your friends who you feel spend a little more than what they can afford.

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Categories: College Budgeting