Leave your savings alone.
Your savings are an important part of your budgeting process; you can decide what to use your savings for, but primarily, your savings should be used for emergencies. Extra money is a good thing to have when dealing with car problems, medical issues, or any unexpected charge.
Adjust your budget as needed.
Always remember to revisit your budget from time to time. Costs and income change over time, and you can adjust your spending accordingly. Your budget will not be perfectly to the letter, so you should spend slightly less than you think you need to. Every penny counts!
As your finances grow, your budget should grow with them, giving room for extra accounts, specifically for investing, vacation savings, and retirement savings. But for your college years, it is important to keep it simple! Organization makes your life much easier in the long run, so it’s important to make sure you understand the budgeting basics.
Enjoy today, but also plan for tomorrow.
Your college experience is a time unlike any other in your life. You are preparing for your future, and it can feel really overwhelming to study and work and budget your finances with no play. You should remember that you have worked hard for this money, and this period of your life should be enjoyed! Everything in life is about balance. Enjoy your college experience, but be realistic about your future income and the expenses to expect after college.
You are in charge of your life! College is a whole different ball game and you have so many new opportunities of which to take advantage. Enjoy your time, but be conscious of your future! Budgeting for college students is about finding your balance.
For more advice on how to make your freshman year great, check out our Top 10 Tips for College Freshmen and Your College Survival Guide.