Step 1: Track your expenses for the next 30 days.
- Write down everything you purchase on a daily basis—include meals out, shopping, daily coffee, etc.
- Identify needs vs. wants. Remember, the things we need in life are basic: food, shelter, and clothing.
Tip: Small purchases can break a budget; a spending tracker will show bad habits you may not be aware of.
Step 2: Create a monthly budget using the worksheet on the reverse side.
- Income: List your monthly income using information from your paycheck stubs, parent allowance, tips, etc.
- Expenses: Record your expenses using information from your spending tracker, bank, credit card statements, etc.
Step 3: Do the math—compare income vs. expenses.
- If you have more income than expenses, now is the time to start saving or increase the amount you are already saving.
- If you have more expenses than income, carefully review your expenses. Make adjustments where you can, especially on things that are “wants,” not “needs.”
10 Money- Saving Hacks
- Get in touch with your inner “couponer”
- Save on your online shopping
- Buy generic instead of brand name
- Make a shopping list
- Drink more water
- Pay with cash, not your credit card
- Lower the price of your haircut
- Buy in bulk (when you can)
- Get yourself a piggy bank
- Remove auto-populated information on shopping websites
5 Awesome Apps for setting a College Student Budget
- Mint (iOS, Android)
How it stands out: One word: automation. Mint securely connects to your bank account and automatically inputs purchases.
- Toshl Finance (iOS, Android)
How it stands out: Toshl Finance has a simple, good looking interface that is very easy to pick up on.
- Left to Spend (iOS)
How it stands out: Left to Spend keeps it simple—You set a spending allowance and then subtract from there.
- Check (iOS, Android)
How it stands out: Check, like Mint, works as a comprehensive budgeting app for college students.
- Debt Payoff Planner (Android)
How it stands out: Debt Payoff Planner allows you to find the most effective way to pay back debt, whether it’s student loans or your balance on the emergency credit card.