We understand that you want to enjoy the college experience while being responsible with your money. College is full of opportunity, maybe your professor is offering a class trip, or maybe your laptop just died. However it happens, you want to make sure you have money set aside for what you need most. We compiled some tips for you, to get your college budget started. Apply for a DEXSTA student loan today!
When creating your budget, overestimate your expenses. It is much better to under-spend then to end up with debt. Underestimate your income. You might start out with a job and then realize you need to focus more on your studies than making money. It is better to assume you’ll make less and break even than think you’ll make more and end up in debt. Make sure to budget a little extra money for those emergencies. You don’t know what could happen in college, prepare yourself financially.
Make a list of things you would like to save for. Identify which things you need versus wants. Now it’s time to prioritize your list. Create three categories: Need, Want, Would Be Nice. Each item should fit into one of the three categories, and that will help you decide what you need and if you can afford what you want.
Stay on top of reimbursing your friends and vice versa. If your friend covers something, pay them back at your next opportunity. Lending and borrowing can get tricky — make sure you are managing the balance because when you don’t, it can become overwhelming and put a strain on the relationship.
The college discount — aka the best thing invented. You can use this to save on eating out, shopping, entertainment, and more. You can get anywhere from 5% to 50% off, just make sure you have your student ID and email on you!
Budgets can be difficult, don’t be afraid to ask someone you trust. Make sure this person has some experience in budgeting they can help you create a budget that will fit your needs in college.