Ways to Budget Your Money in College

Budget provides great help in managing your funds prudently. It not only assists in making good estimates about your incomes and expenditures, but also provides great help in controlling extra expenses and using incomes in a more profound way.

If you are a college student and have limited resources from where you get your money, you must prepare budget for every week or at least for every month. Preparing a budget is not that difficult. All you need is a little time and a grip on basic arithmetic.

The following article provides you with all the necessary information that you will need in order to budget your money in the best possible manner throughout the time you are in college.

Instructions

  • 1

    Assess your expenditures

    First of all, you have to assess all your expenditures. The major expenses will include your college fees which will be divided in a specific number of instalments for every semester. Furthermore, if you are living in a hostel, the hostel expenses like mess bill and room rent will also be included in the major expenditure.

    In addition to that, some other expenditures may include your recreation expenses. It is extremely important for you to only calculate the expenditures for the period for which you are making the budget.

  • 2

    Assess your present and future income

    After making an assessment of all you expenditures, you have to calculate your income. If your family sends you money, include it in your income. Moreover, if you are working as a part time worker at some place, include your salary in it as well.  Same thing applies if you are getting some scholarships from your college or state.

  • 3

    Match the expenditures with your income

    Now, you have to match all your expenditures with your income. You can simply make a table. At left side of the table, write expenditures with amounts. On the right side, write all your incomes with amounts. Make sure that you write all the figures correctly.

  • 4

    Make the necessary adjustments

    In the end, you have to make the necessary adjustments to your budget. Compare your expenditures with your income and find the balancing figure by taking a differential.

    If the balancing figure is positive, it means you have extra money to spend or save. However, if the balancing figure is negative, you may have to borrow some amount. You can simply apply for a financial assistance to cover up the deficit.

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