Write a budget - College Edition

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So, you're off on your own in college now. If you're like most people, your funds are quite limited, but you probably haven't had to write a real budget before. Chances are that up until now, if you got yourself into a tight financial corner, your parents would be there to bail you out. Now that you're an adult, though, you don't want to ask your parents to do this even if you know they will. It's time to grow up, and it's time to work with a budget.

Budgeting can sound a little scary, but if you follow a few easy steps, it isn't terribly hard. These steps will ease you into the whole budgeting process so that by the time the year is over, you will be totally in control of your money.

First, take stock of where your money is actually going. The first step to making a budget isn't actually writing down what you will spend but figuring out what you do spend. For the next two weeks, write down every penny that you spend, and also write down where you spent the money and what has been spent. The more accurate you are, the better.

Second, find out what you can spend. If you shop now you have your credit card spending, it's time to stop! The $ 200 would now cost you $ 200 at the end of time the interest is paid. If you work part-time job or work-study allowance from your parents some money, find out what you need to spend each month. If you're never sure what kind of hours or suggestions you get, it is bestto lower the average a bit '. Then if you have money in more than a month, you can spend a bonus for fun.

Thirdly, start the budget with great things. The easiest way to get a jar of stones, gravel, sand and fill with the largest rocks first start. The same goes for your budget. You should be concerned about health insurance issues as important, the car payment and car insurance, school fees and books. Write to them first and then see what remainseach month. From that, work on the pebbles - your groceries, gas, and other spending that is necessary but variable. Finally, you can pack in whatever sand you can still fit into your spending limits - eating out, random shopping trips, and maybe a little bit of savings.

Fourth, decide how you'll work your budget. You can write checks for the big stuff or pay it online. For the smaller things, use a debit card only if you can keep your checking account balanced. If this gives you Problems in an envelope with money and use an envelope for each piece of your budget. If you're tired of cash in an envelope, then the budget will be shot until next month.

Finally, make sure you optimize your budget you need. This is to forget to do what many people. If the original budget is not working for you, then begin to change what you do. Maybe go to a school canteen have next semester, you save on food, or maybe you just need to say "no" toeating out with your friends more often. Also, you'll want to revamp your budget if your income or your major expenses change.

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