Why personal budgeting for a college student can help your financial growth

Updated: Jul 17, 2019

Being a college student is tough. I started living on my own a year ago on campus and focused most of my time on classes. Paying for rent, utilities, wifi, gas, groceries, tuition, and misc. transactions with a part-time job can be tricky to do. This is why budgeting is crucial to helping you grow financially. Here are some ways to do this:

1) Write down your monthly costs on paper, or type them up on an excel sheet.Keep track of what you are spending each month is important. It shows you how much you spend on things necessary to survive, such as rent, utilities, and food; but also shows you how much you spend on unnecessary things.

2) Cut down on your purchased wants, and start focusing on your needsGoing out to eat is one of the immense ways students spend their money. Instead of going out, maybe go to the grocery store and jot down a list of items you need to make dinners for the week. Meal prepping is personally my go-to as a college student. It saves me a lot of time trying to figure out what I am going to eat, and it saves a TON of money!

On top of the personal financial growth by budgeting your monthly transactions, if you own a business or want to start a freelance side-gig to help your cost of tuition, you may want to start looking at a business monthly budget. This way you will know how much you are spending on your business, which might include things such as renting out a space, utilities, paper, etc., and also incorporating the salary you have to make in order to live comfortably.

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