Budgeting Like a Pro When You're Going to University or College

Budgeting Like a Pro When You're Going to
University or College
Most students don’t care and don’t want to hear about budgeting. But your college days may
be the best time to learn how to budget your money. Besides, the more successful your
budgeting, the more money you have to spend on luxuries or save for the future. So, now is the
time to create a budget and learn how to manage money. Learning now will help you during
and after university. Below are a few tips on successfully taking control of your finances.
Create a Financial Diary
Creating a financial diary may seem like a tedious task, but it can make you aware of the exact
amount you spend on certain items and help pinpoint areas where you can save. There are
plenty of mobile apps that can help you track spending or you could go ‘old school’ by creating
a financial diary in notebook. In your diary, record daily and monthly expenses. Just remember
to record everything you spend money on, no matter how small the purchase.
Create a Budget
Truthfully, a realistic budget is essential for college students. However, if you don’t know how
to properly create a budget, then budgeting won’t work very well for you. Use an app or
accounting software to calculate and track your income and expenditures throughout the
semester. Most importantly, record major expenditures, including the rent if you live in UOIT
off campus housing. A financial app or software will automatically calculate the total amount of
your expenditures and savings, and even offer helpful comparisons.
To create a feasible budget, first add up your income and all guaranteed additional income, e.g.
money received from student loans or grants. Then, add up all guaranteed expenditures, such
as the rent and bills. Subtract your guaranteed expenditures from your guaranteed income and
you should be left with the amount you can spend on living expenses, luxuries and possible
savings. Next, estimate how much you might spend or would like to spend on food, clothing
and entertainment. After all of this, you should have a realistic amount left over. Left over
money can be used for savings or an emergency fund.
Save Some Money
Just like budgeting, saving is one of the healthiest things you could do for your financial present
and future. Savings can help you in emergency situations and help you afford luxury items in
the future. Not to mention, if you live in a Durham College residence, it could help make
moving off campus more affordable. Since you won’t have to pay rent or bills, you should be
able to save that money for your future deposit or apartment. Once you move off campus, your
savings could help with purchasing furniture, household items and more. Remember that
saving even the smallest amount could help finance your future.