Budgeting in College

A common phrase associated with college students is "being broke." Having a college budget is key to managing your money so you don't overspend. This also comes into play when you're trying to live an easy and healthy lifestyle, because looking at your bank account can definitely be stressful at times. Let me teach you how to budget in college.

Start by calculating how much you spend on your "needs" and "wants." Differentiating your needs and wants is a huge thing in college because most students spend their money on food. If you have a meal plan, that money is already calculated into your tuition so make sure you take advantage of it. A need could be grocery shopping instead of eating out every day, not on campus.

Online shopping is a very easy way to go over your budget, especially if you are scrolling during class. While you are determining your budget, set aside some "entertainment" money. This is one way to stay on track with your budget while still being able to have fun.

On top of spending, you want to save! Whether you are saving up for something specific or you are just setting aside some leftover change, saving and splitting your paychecks is a perfect way to save! "Splitting" a paycheck is when you take the money you just received and splitting it either 50/50 or even 75/25, 50% in checking and the other 50% in savings, this will easily build your savings fast!

We all know being a "broke college student" is not ideal. But having a budget, splitting paychecks and sticking to your plan will help you financially while in college and also in life!