by Sandy Shields
Managing a budget is not as hard as it sounds. Making
the initial commitment to live according to your budget
is the hardest part. If you have done that, you are
well on your way to wise spending and saving.
What is a budget?
It is simply a written plan for spending your money.
You will spend your money; a budget just helps you to
spend it wisely.
Managing your budget
Step One
Prepare a budget worksheet. You can make one yourself,
or use a pre-made form. To make your own, just write
down your income in one column and your expenses in
another column, then compare the two.
If you would like to use a pre-made budget form, there
are many already set up online. Here are a few links
to worksheets that you can print out and use:
Sample
Budget
Budget
Worksheet from Utah Higher Education Assistance Authority
College
Budget Worksheet
Here is a great interactive worksheet provided by Visa:
Why
Do I Never Have Enough Money?
You will learn a great deal about your financial situation
by taking this first step. If you are like most people,
you will find that your income is less than your expenses.
You are now informed about it though, and can take the
necessary action to change your situation.
Step Two
Start tracking your incidental expenses. You know where
the bulk of your money is going, but what about all
those little extras? This is a very important step if
you are serious about finding ways to stretch your money.
Find a small notebook, and jot down all money spent
each day on meals, snacks, gas, impulse purchases, and
entertainment. After you have done this for a few days,
you will start noticing how the small things really
add up, and where you can start cutting back.
Step Three
Learn all you can about budgeting, spending, and saving
your money. The library offers many free resources to
help you with this. Talk to your friends, parents, and
teachers about what they have learned about budgeting
and saving their money.
Step Four
Take advantage of student discounts, and free offers.
Here are some helpful student web sites online to help
you save:
Student
Advantage
EDU.com
1800Student.com
Bookbyte.com
- discounted textbooks.
Step Five
Live a frugal lifestyle. Shop Smart and Spend Less.
Try these frugal living suggestions:
. Define your wants verses your needs. Concentrate on
spending money only on your needs.
. Don't drink, smoke, or do drugs. They are bad for
you, addictive, and cost money. You don't need them.
. If at all possible, keep a savings account. Pay yourself
first.
. Use everything to its full potential. Don't waste
anything.
. Recycle and reuse study materials such as pencils,
pens, and paper.
. Don't spend money around the plans you make. Make
plans around the money you have after all your responsibilities
are met.
. Don't be tempted by your friends' spending habits.
. Make the most of the college's meal plan, and any
college events where there is free food.
. Use your tuition money wisely. Always take the maximum
number of credits allowed.
. Get an on-campus job.
. Make things yourself instead of buying them whenever
possible.
. Shop smart when buying groceries and household items.
Use coupons. Shop the sales. Stock up on discounted
non-perishable items. Foods like milk, butter, and cheese
can be frozen. Don't buy soft drinks, unless they are
on sale, or store brand. Drink water. Do not spend money
on snack machines.
. Shop smart when buying clothes. Do not pay retail
prices. Shop thrift stores, consignment shops, yard
sales, clearance racks, and buy during off seasons.
Don't buy any item that requires dry cleaning. Consider
consigning your own clothes to earn some money.
. Email or write instead of calling home.
These are just a few ideas that you can use to start
living a more frugal life, and to successfully manage
your budget. Learning how to manage your budget in college
will help you immensely. The decisions you make early
on will effect you later in life. Use your time and
money wisely.
About the Author: Sandy is a freelance writer
and webmaster of
TheFrugalShopper.com.
She enjoys living the frugal life, saving money, and
helping others to do the same. Subscribe to her newsletter
to receive more money-saving ideas and frugal tips.
Copyright ©
TheFrugalShopper.com
1999-2003. Reprinted with permission.
